The recent declaration by OPEC and its partners (OPEC+) to cut oil production by a further 500 thousand barrels per day (Kb/d) should help stabilize prices, which should, in turn, help smaller shale producers. Balancing the market in this manner risks supporting shale producers and further OPEC+ cuts. However, as the market tightens and prices rise in the second half of 2020 or early 2021, we assume OPEC+ members will be able to ease their cuts.

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