OPEC went through one of its worst nightmares. And they scrambled to save a least a superficial veneer of control over developments. When they had none. OPEC sleepwalked through this crisis. They have looked at shale with a way eye long before the COVID crisis but they never intended to have such a near-death experience in order to cut it to size. And the worst is that not only did shale not die, but it’s also coming back stronger than ever before. This ship has left the harbor and o matter how many statements you throw out, Pandoras Box is wide open.
Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia.