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OPEC and Russia extend cuts, will prices and US shale respond?

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Listen: OPEC and Russia extend cuts, will prices and US shale respond?

OPEC, Russia and other producing partners agreed to extend their 1.2 million b/d supply cut agreement for another nine months as Saudi energy minister Khalid al-Falih outlined OPEC's new role as a reactionary force to US shale growth.

On today's Platts Capitol Crude podcast, Herman Wang, chief OPEC correspondent for S&P Global Platts, breaks down what happened in Vienna, talks about why an extension which seemed to be a foregone conclusion was so delayed, and discusses views of OPEC's waning market power.

Also, Paul Sheldon, chief geopolitical adviser with Platts Analytics, discusses the likely price reaction to the extended supply cut, the expected response of US oil output and why demand matters a lot more than supply to the market right now.