An agreement by OPEC and Russia on April 9 to cut 10 MMbbl/d drew praise from some industry players but oil prices continued to plunge following the much-awaited decision.

WTI crude settled at $22.76/bbl on April 9, down about 9%. Brent futures also tumbled about 4% to $31.48/bbl.

Some say bigger cuts are needed to put a dent in the oversupply, which—combined with falling demand caused by a deadly virus—have led to massive capex cuts, layoffs and an uncertainty for U.S. shale players.

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