Crude has cratered, with WTI & Brent both.......>

OIL: Crude has cratered, with WTI & Brent both shedding over $13 at writing (the

former trades at $28, the latter at $32), ~$1 off respective lows. OPEC+'s

failure to come to an agreement at last week's meeting sent crude into a

tailspin at the back end of last week, with further follow through at the start

of this week on the back of weekend news flow. As Russian Energy Min Novak left

the Vienna gathering on Friday, he noted that everyone can pump at will come

April 1. Saudi Arabia seemingly reacted over the weekend, with BBG sources

suggesting that the Kingdom plans to boost production to well over 10mn bpd in

April (this may even top 12mn bpd), against estimates of 9.7mn bpd for the month

of March, while it has slashed crude prices to U.S., Asian & European customers,

offering "unprecedented discounts." Various source reports point to an OPEC+ JTC

gathering occurring on March 18, although that is likely to be a stormy affair.

- Many analysts point to the Saudi power move as an effort to squeeze shale

producers in the U.S. Various commentary pieces have pointed to the pressure

that is set to fall on the shale space, with suggestions that the industry is

not adequately hedged for sustained moves under $45 in WTI.