OPEC Is Betting Big On Robust Oil Demand Recovery

Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery in the second quarter. Yet, recent demand concerns suggest the alliance’s supply management policies could once again be more in the realm of guestimates.

The easing of the collective cuts by over 1 million bpd over the next three months…