Ann: Appendix 3B, page-13

The problem with U.S. shale is that it is like the wild west - everyone just piles in and there is no attempt to match production with demand.

The current bounce in oil prices makes sense, however there is also the prospect that WTI prices will drop again if coronavirus comes back to bite the U.S. - Trump is really rolling the dice with the reopening of the economy while the virus is still so active over there. If it wasn't a presidential election year I suspect that things would be being done more cautiously.