OPEC Prepares For Long-Term Oil Demand Risks

Oil prices have remained range-bound for the past several weeks, with the market in limbo as another COVID wave looms.Chart of the Week-    40 U.S. producers surveyed by the EIA posted a combined $48 billion in write downs in the first quarter of 2020, the largest negative adjustment in years.-    The companies account for over 6 mb/d of U.S. oil production. -    “Although companies will not have to value their 2020 proved reserves until the end of the year, these first-quarter adjustments, combined…