OPEC+ Deal Rendered Meaningless By Pattern of Demand Destruction

The most ambitious bid to rescue the global oil industry ever seen has been swept aside by a brutal wave of demand destruction.
Less than two weeks ago, the world’s biggest oil producers -- in a deal facilitated by US President Donald Trump -- agreed to slash output in the hope of defending energy markets against the ravages of the coronavirus outbreak, Bloomberg reported.
Yet Monday’s historic slump, in which crude prices fell below zero in the US, made OPEC and its partners painfully aware of the limits of their powers. 
Some nations in the group are desperately searching for any additional steps they might take to stem the rout, but they have few options.
“The OPEC+ leadership is currently engaged in serious crisis management conversations,” said Helima Croft, head of commodity strategy at RBC Capital Markets LLC. Yet “there is little that OPEC+ can do to arrest the demand collapse.”
Algeria, which holds the Organization of Petroleum Exporting Countries’ rotating presidency, has proposed bringing forward the supply cuts -- due to begin on May 1 -- to take effect immediately, according to three people familiar with the matter. 
But there was no sign that the move was backed by OPEC’s key members, or would even make much difference at this point.
Though the production cutbacks pledged by OPEC+ are historically large, at just under 10 million barrels a day or about 10% of world supply, they are completely dwarfed by the immensity of the demand loss.