WTI & Brent have shed ~0.20 & ~$0.30 from.......>

OIL: WTI & Brent have shed ~0.20 & ~$0.30 from their respective settlement

levels after the OPEC+ summit in Vienna resulted in choppy price action on

Thursday, although crude prices remained relatively contained yesterday, with

WTI settling unchanged & Brent ~+$0.40.

- The OPEC+ JTC recommended a deeper production cut of 500K bpd (although this

seen as closer to a "real" 100K bpd cut vs. current levels given the group's

total over-compliance), which was seemingly accepted by OPEC ministers (although

there was nothing in the way of broad, firm commitments announced, outside of

some soundbites from individual ministers, as others remained

non-committal/secretive). The matter will now be discussed amongst the broader

OPEC+ group on Friday. As a note, the group is set to reconvene early in March

to decide on any further extension/action through the end of that month. The

distribution of the cuts/production agreement will need to be resolved on

Friday. Russian energy min Novak stated that the JTC recommended excluding data

on gas condensate from oil production limits for all non-OPEC parties to the

pact (which represents an alignment with the OPEC nations' own methodology).