Forecasts in the latest monthly Short-Term Energy Outlook (STEO) of the US government’s Energy Information Administration suddenly assumed greater significance ahead of frantic discussions that saw ‘Opec+’ provisionally agree 10mn b/d output cuts (MEES, 10 April).

With the US having refused to mandate cuts on its producers to complement those pledged by Saudi, Russia and others, the focus has fallen on “natural cuts” due to market headwinds and the resultant slashing of capex in key US shale basins (MEES, 20 March). (CONTINUED - 1123 WORDS)