From Wall Street Journal
The world oil market is starting to resemble the old slapstick gag about the French Foreign Legion. The sergeant needs a volunteer to take a step forward for a dangerous mission. Instead, all the assembled soldiers, except one, take a step back, volunteering him.
The sucker this time seems to be U.S. shale. While Russia and many members of the Organization of the Petroleum Exporting Countries may meet next month in Qatar to discuss the idea of an output freeze to support prices, this represents a hollow pledge. Yes, the invited countries represent some three-quarters of global output—certainly enough to move the needle on supply. But that needle is stuck in the red zone for all but one producer.
