Crude oil in the face of record production cuts

Although the OPEC countries reached an agreement and decided to cut production, they were not enough for a rebound on the black gold market. The demand for raw material is still less than supply. On Thursday, a barrel oil WTI was listed below $ 20 per barrel.

We invite you to a free online training [VIDEO] with an analyst of raw materials markets XTB - Michał Stajniak, where we will take a closer look at the current situation on the oil market.

• OPEC + agrees on cuts at 9,7 million brk per day from May to June, followed by a reduction in cutting size.
• Additional cuts from the G20 countries together with filling strategic reserves are to give a reduction of supply along with OPEC + at the level of 20 million brk.
• IEA suggests 29 million brk on the day of demand fall in April, in Q2 a decrease of 15 million brk / d.
• The market may not believe in forecasts of imminent rebound in demand in the second half of the year.
• Record contago levels on the market.

In addition, due to the very dynamic situation caused by the spread of coronavirus in the world, additional video reports on the impact of coronavirus on the global economy and analysis of the gold market situation will be available.

WATCH ON-LINE

About the speaker

Michał Stajniak

Michał Stajniak - Commodity Markets Analyst at XTB. It places particular emphasis on the linkages between the behavior of commodity prices and the currencies of economies heavily dependent on exports of goods such as oil, iron ore, gold and powdered milk. He is the author of frequent comments comparing commodity price indices with currency pairs such as AUDUSD, NZDUSD, USDCAD, USDNOK or EURNOK. He represents XTB in the media (including TVN24 BIS, Polsat News, TVP Info, Bankier TV or Onet TV) and is the author of articles in the financial press such as Parkiet, PulsBiznesu and Dziennik Gazeta Prawna. He is a practitioner of the stock market and the derivative market. In his approach, he values ​​fundamental analysis above all, but often uses Fibonacci levels to determine the demand and supply zones needed in a Price Action strategy. A graduate of Quantitative Methods in Economics and Information Systems at the Warsaw School of Economics.

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