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After the talks extended into the weekend of April 11-12, OPEC+ has agreed to cut oil production by 9.7 million barrels per day (MMbbls/d) starting in May and June.
The cuts will then drop off to 8 MMbbls/d from July through the end of 2020 and 6 MMbbls/d beginning in January 2021 and extending through April 2022.
The 10 million barrels per day will help stave off the impending oil storage problems that were expected at the end of June. However, it is no where near enough that is needed to bring the market back in supply balance.
Depending on who you talk to, Shale Experts analysts suggest that with the demand destruction we have seen, we are likely between 20-25 million barrels of oversupply due to demand reductions caused by COVID-19.
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