6 oil experts explain why OPEC’s record-setting production cut will fail to stop prices from plummeting “” and lay out what’s ahead for the struggling industry

6 oil experts explain why OPEC’s record-setting production cut will fail to stop prices from plummeting “” and lay out what’s ahead for the struggling industry

The OPEC Plus deal - shouldered in large part by top producers Saudi Arabia and Russia - will prevent oil prices from freefalling, according to reports from several industry analysts.. The cuts are unlikely to be through a voluntary agreement, but rather via "market forces" - namely, low oil prices - that make it economical to reduce supply, Courvalin said.. In a note on Monday, they said the actual production cut would be more like 7.2 million bpd over the first few months, relative to February.. The price of oil will fall - at least, that's one of the takeaways from a handful of reports on Monday.. "The global oil market will have the largest spare capacity in at least a decade, leading to a flatter Brent crude oil curve," Bank of America analysts wrote.. Business Insider has been tracking how 18 of the top oil and gas companies are responding to the price of oil .. G20 countries outside of the OPEC Plus alliance, such as the US, could also possibly pledge to curb production, beyond market-driven cuts..