As Opec+ meets in Vienna (MEES, 6 March), countering the demand slump caused by the coronavirus epidemic is not the only concern. In the background is the continued fear that the more Opec and its associates cut, the more they give up market share to US shale.
US crude output hit a record 12.23mn b/d for 2019, some 1mn b/d ahead of number two Russia (MEES, 3 January), with Saudi Arabia on 9.75mn b/d in distant third spot. (CONTINUED - 1090 WORDS)
