And after all their efforts to balance the oil supply-demand equation, it is unthinkable that OPEC and Russia would then revert to oversupplying the market again in 2018. Further patience will, however, be needed before the investor mind-set changes and sentiment turns positive on the oil market. If two consecutive months of US inventory drawdowns have not pulled the trick, more hard evidence will be required. In the meantime, shale oil stock prices, especially of companies that are active in North Dakota with high production costs, will remain under pressure.
(update : 10.06.2017)