SXY chart, page-92

the way I see it is Novak has not said Nyet yet, but he has told media fools that as it stands, everyone can pump at will from April Fool’s Day to put the fear of Allah up OPEC and US Shalers... He has returned to Moscow to consult Vlad and the Oil Oligarchs. They may even come up with something OPEC can work with before the weekend is out... or they may enjoy the oil shake out for a while before arriving at a mutual understanding before the end of the month, almost certainly an extension of existing 1.7m bpd cuts and hopefully at least a watered down version of the additional 1.5m cuts OPEC Technical Committee recommended (originally for Q2, then upgraded recommendation to end of 2020, which was too much for Novak)... however, if Russia ultimately decides not to play along in any kind of deal before end of March, then OPEC+ is dead and OPEC can then go it alone with their own cuts. Messy, yes, but I wouldn’t write OPEC or OPEC+ off just yet. Or nyet.