Fitch saying what we all already know. Oil producers have been unable to hit their quota production prior to the cuts.
Fitch (in brief):
OPEC+’s decision to cut production quotas by 2 million barrels per day (MMbpd) will have a muted impact on the oil supply market as actual output cuts will be smaller, Fitch Ratings says in a new report. Saudi Arabia and the UAE will have to make the largest actual cuts to production, while many other countries, including Nigeria, have some headroom under their quotas to increase production.
A recessionary economic outlook will lead to lower oil demand
The recent increases in global oil inventories suggest that the market is in a production surplus
Link for more.
