Scanning across some notes on OPEC and crude, some snippets … not optimistic:

• OPEC+ is apparently in crisis management mode
• We think OPEC+ may make more headway by sharpening its compliance messaging, particularly around perennial underperformers, most notably Russia.
• we think Saudi Arabia may be amenable to dropping production even further
• none of these measures will arrest the immediate demand destruction and storage saturation problems that are weighing so heavily, particularly on US prices, they could potentially help ensure a better back half of the year if the COVID-19 crisis is contained

• Although we don’t expect negative prices to remain  …  the imbalance in the offer vs. demand and storage capacity issues could see a repeat of this issue.