This is Why Oil Will Not Recover Any Time Soon

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Oil is up slightly after OPEC and allies agreed to an historic production cut.

All agreed to a cut of 9.7 million barrels a day, and represents the single biggest output cut in history, and puts to bed the Russia-Saudi price war.  Initially, the group agreed to cut production by up to 10 million barrels a day.  However, Mexico only agreed to cut by 100,000 barrels a day, instead of the expected 3400,000 barrels.

Instead, the group will now cut by 9.7 million barrels beginning May 1, 2020 a...

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