JBC's Benigni: OPEC's Strategy Is Working

The video discusses the market's reaction to the OPEC meeting, highlighting that the lack of agreement did not negatively impact prices as expected. OPEC's strategy is deemed successful, with increased market share due to Iran's return and potential production from Libya. Non-OPEC production is declining, particularly in the US, which may help rebalance the market. The Baker Hughes index shows a slight increase, indicating renewed interest in shale production, which remains competitive even at $50 per barrel.

What factors contributed to the market's lack of negative reaction to the meeting's outcome?

How is OPEC's strategy impacting its market share?

What role does non-OPEC production play in rebalancing the oil market?

What trends are observed in US shale production according to the discussion?

How are oil prices affecting the rig count in the current market?