OPEC+ should implement those cuts real quick. Would make the day of US shale producers. With every round of price drops – OPEC+ cuts production – price recovers shale producers get more resilient. But for the OPEC+ producers – nothing has really changed. Except that this shale specter grows ever more frightening.
Not only are oil prices down nearly 40% since early October, they’re below where they were when the OPEC+ group of producers began their first round of output cuts in January 2017.