 "OPEC and its non-OPEC allies led by Russia are having to rethink their plans, says Paul Hickin, Platts")
The oil market remains awash with crude. Potential changes in OPEC+ and US policy won't solve the industry's demand problem, while the world's key oil producers will be hard pushed to cut supply further. Only a vaccine can cure Covid-19-induced consumption ills.
Record coronavirus cases, a new wave of lockdowns across Europe and a stagnant road use trend in the US have had oil forecasters scaling back their recovery scenarios. The major European economies have seen mobility drop to its lowest since mid-June, signaling a renewed collapse in gasoline and diesel demand.
S&P Global Platts Analytics slashed its 2021 oil
