OPEC production has collapsed from a 3½-year high of around 29.6 million b/d to a 36-year low of 20.6 million b/d in just two months.
Several “release valves” have so far helped cushion the shock, most notably a surge in U.S. exports, a massive IEA-coordinated SPR release, China’s import constraints and pause in stockpiling, and - not least - demand destruction that has led to lower refinery runs.