Opec+ output cut deal not enough; oversupply to continue From the start of 2020, Brent oil prices have declined ~60% while WTI oil prices went below zero. In March, a disagreement between Opec and Russia regarding production cut led to a price war in the global market. This led Brent oil prices to drop to ~US$30/bbl. In April, finally Opec+ announced a deal to reduce oil output by 9.7 million barrels per day (mbpd). As per IEA, global oil demand could drop by ~23 mbpd in Q1FY21E amid spread of Covid-19, which meant that even if a 9.7 mbpd output cut takes place in May,...