OPEC+ has been doing a brilliant job in managing supply and demand balances in the pandemic and every American oil producer appreciates the alliance’s efforts, Occidental’s chief executive Vicki Hollub said on Tuesday. Thanks to the massive production cuts that OPEC+ started in May 2020, after a brief Saudi-Russian price war that only contributed to the oil price crash, oil prices stabilized later in the summer of 2020 and rallied this year as vaccination rollouts and economic stimulus made the market more optimistic about global oil demand later this year. U.S. producers are making profits by drilling new wells at ... (full story)