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Special Market Report

The Search for Balance: Is the OPEC+ Supply Response Enough?

The record production cuts announced by OPEC+ earlier this month are expected to take effect May 1 and extend in some capacity into 2022. In the U.S. and Canada, the expectation for market dictated production cuts has already started by way of shut-ins. Ultimately, faced with the unprecedented near-term demand shock, the current supply response will be insufficient to balance markets and support prices near-term, but they have the potential to accelerate price recovery on the backside of the COVID-19 pandemic.

Report Highlights

  • OPEC+ production cut detailed
  • Effectiveness of OPEC+ cuts on balancing crude markets
  • Updated scenarios highlighting Sproule’s view of the near-to-medium term supply-demand balance
  • Updated WTI pricing scenarios and forecast

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