The Supply Side of OPEC's Cuts

We've seen more ample Russian production than I think we had broadly expected compliance with the recent opa cuts is being questioned. This is part of that de-stocking point we were making before. The one thing about this current OPEC and its leadership is that they've been incredibly compliant. We've never seen compliance this high. And by the way, even against Russia now, because of a lack of investment in the ability to bring in technology or capital, core OPEC is the only game in town.