Oil prices rallied Thursday on the possibility of a deal to cut production, but Victor Shum of IHS Markit said there's 'little chance' that any OPEC+ deal could save the market.
"We need every producer to come in to agree to a cut and have the cuts enforced," Shum said. "That is a tall order in the limited time we have before the world runs out of crude oil storage."
Analysts have predicted the ceiling will be reached in May or June. That's when market forces will compel producers to lower output, he said. With "no real signs" that Saudi Arabia and Russia have agreed to put aside their differences, it's going to be "tough," he added. "I imagine it will be a brutal, unadulterated market fight and the weak producers will have to shut in their production, in particular in the U.S. shale oil sector."
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