The oil futures curve is downward sloping, a shape that coincides rather with scarcity not abundance of commodity supplies. That said, the quota reduction is minimal, and many producers remain below their individual levels.
Oil Price Today (April 15): Crude oil below $95, falls for second consecutive day. What’s behind the decline?
Oil prices fell for a second day on hopes that renewed U.S.-Iran talks could ease Middle East supply disruptions after the Strait of Hormuz closure.