A U.S.-German agreement on the Nord Stream 2 pipeline has seemingly put to bed a geopolitical saga that has dragged for more than half a decade.
As oil prices jump to 13-month highs, OPEC+ has opportunity to unwind its deep production cuts.
Despite the latest sanctions on Nord Stream 2, Russia has vowed to complete the project.
Amid internal discord and budget pressures, OPEC+ has reportedly agreed to incremental production increases and monthly monitoring.
Even after historic cuts, lower demand means the oil market is still under pressure.
Cautious optimism is returning to the oil industry, but prices are nowhere near profitable for the domestic industry.
Oil prices have risen ahead of the next OPEC+ meeting, but OPEC-Russian coordination is far from assured.
With demand for oil slumping worldwide, global storage could be full by June.
In addition to oil, energy dominance should harness the diversity of fuels the United States has to offer and use them all to power our transportation sector.
OPEC+ agreed to the largest cuts in history, but oil prices barely moved in response.