The breakdown in OPEC+ negotiations for deeper output cuts in response to reduced oil demand stemming from the COVID-19 virus could send push oil prices below $40/b, causing US shale oil production to decline later in the year, analysts said Friday. OPEC+ had recommended that its existing 1.7 million b/d production cut be extended through 2020 with an additional 1.5 million b/d cut implemented by the end of June. However, Russia Friday refused to go along with the proposal, causing crude futures to fall 10% in one day. NYMEX front-month crude settled at $41.28/b Friday, down roughly 30% since January 20, when the coronavirus first began to rattle oil markets. US shale producers, whose […]