With four years of experience in reaching consensus among the members of the OPEC+ group of oil exporters, it is not hard to imagine that group extending or deepening such cuts to mitigate the impact of the coronavirus outbreak on the global economy.
This was clear during the extraordinary meeting of the OPEC Joint Technical Committee ((JTC)), which agreed to proceed with an additional adjustment taking into account that China is the world's largest oil importer and has the second largest refining capacity in the world.
As always, global oil markets and the world depend