April bad, May betterOPEC++ cuts should start to have some impact in May, particularly as private companies cut their production too. For example, ConocoPhillips, which is already cutting production at its Canadian Surmont oil sands facility by about 100,000 barrels per day, in May plans to cut its U.S. production by 125,000 BPD, and perhaps more subsequently. The gradual re-opening of economic activity should reverse the oil demand trend, which may lead to much stronger oil equities performance on renewed positive expdectations.