10 million bpd cut by top oil producers not enough: Goldman Sachs

Goldman Sachs said a 10 million barrel-per-day (bpd) cut by major producers would not be enough to improve global balances in a market reeling from a coronavirus-led demand collapse and a mounting supply glut.

The Organization of the Petroleum Exporting Countries (Opec) and allies including Russia – a group known as Opec+ – are set to convene a video conference meeting on Thursday to discuss cutting output to stem an oil price slump that has knocked about 50 per cent off benchmark Brent crude futures so far this year.