• Non-OPEC members (especially Russia) play an increasingly important role in global oil balances.
• The reasons why a country chooses (or does not) to be a member of OPEC are manifold, so the recent decision by Qatar to leave OPEC is not a sign of a clear trend.
• The US shale supply is probably the most pressing issue right now, with the US having the biggest supply addition in 2018.
• The production cut that OPEC+ agreed on is necessary, aiming to balance the market in (early 2019).
• Oil prices are expected to stay around the $60-$65 range and stabilize there.
Al Jazeera America