The "historical" agreement of the oil states in the Opec cartel to produce 9.7 million barrels less a day in May and June sounds more bombastic than it is. The hope that the oil price could rise again in spite of the lower oil demand in Corona times is rather false. In the past, the solidarity of the Opec countries has seldom lasted long. Individual sales enthusiasts started to extract more oil from the earth than agreed. At the end of complicated negotiations, the recently disputing countries Mexico and Saudi Arabia also agreed to the oil shortage. Source: Handelsblatt
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Hansa Terminhandel GmbH
