In an unexpected move, OPEC and Russia decided to keep a tight grip on supply at their OPEC+ meeting on March 4 as Saudi Arabia urged fellow oil producers to exercise caution.

“‘Drill, baby, drill’ is gone forever,” Saudi Energy Minister Prince Abdulaziz bin Salman told a post-meeting news conference, taking aim at U.S. shale producers.

“I think all producers have learned that tough lesson—how to discipline themselves in a way that they can ensure that the well-being of the company and the well-being of the shareholders is maintained.”

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