Kremlin statement
Actions speak louder than words so this is the best possible endorsement of Russia's cooperation with OPEC.
Earlier today, OPEC's secretary general confirmed there will be a meeting in March and said that Russia was expected to continue with OPEC.
In other oil news, Halliburton reported earnings today and along with Schumberger yesterday, they signaled that shale activity has already peaked. The oilfield services giants have keen insight into the industry and today Halilburton CEO Jeff Millers said that spending would keep falling in North America
"2019 solidified the pivot from growth to capital discipline in North America," Miller said.
The outlook for US production depends on DUCs or drilled but uncompleted wells. In theory, these could allow companies to tap into oil without spending money but some market watchers are skeptical that the wells have any real value.
More on the outlook from Halliburton here via Bloomberg.
