OPEC+ Halts Slide In Oil Prices

After several days of losses, oil prices stabilized on Tuesday morning after OPEC and partners announced their intent to extend output cuts till June of this year. Chart of the Week U.S. oil production is expected to average 13.3 million barrels per day (mb/d) in 2020, an increase of 9 percent from last year, according to the EIA. The agency sees output averaging 13.7 mb/d in 2021. The agency expects the rig count to continue to decline through most of 2020. But improved rig efficiency means that output could continue to climb, albeit at a slower…