Thanks, yes, Peterma, I have been watching that. So far there has only been talk of them analysing the degree of compliance so far from partners, especially the non-OPECs like Russia. I somehow doubt that they will end by saying anything that could be construed as negative for prices given that their interest is entirely the opposite - but then there is always the contrarian view - if they say positive things that dont have market credibility then it is negative!
It still seems that the problem is the increase in US production cancelling out the deliberate shortfall from OPEC/NOPEC. They have said that OPEC’s compliance rate was 106% in February and 64% for the non-OPEC nations including Russia - but that is not having any impact so far on prices and it all feels very heavy…but there are still plenty of long-term interests anticipating an eventual rise in prices and are buying. But on the other hand, I read that there are very high long positions at present and if these start to liquidate then we could easily see a fall towards $40 in a very short time. That’s why I am still only looking for sell opportunities …and thankfully can rely on charts (and blame them!) instead of having to form a fundamental “smart-view”!