A recap of the OPEC+ ‘no change’ meeting on March 4 via RBC (this is summary):
Saudi Arabia and OPEC announcing that they would forego any production increase for April.
Saudi Prince Abdulaziz continues to urge caution in the face of enduring uncertainties about the COVID-19 recovery, insisting that it is better to err on the side of prudence than opt for an ill-timed production increase.
On US shale:
- Reviving shale production does not appear to be a principal concern for Prince Abdulaziz. When questioned about US production in the press conference, he first insisted that it was not a zero sum game but later suggested that the zenith of the shale revolution had already passed.
RBC say though:
- We continue to contend that Russia remains concerned about giving yet another lifeline to US shale producers and bolstering a coercive US sanctions regime.
If you were following along during US time you’ll know oil prices rallid