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This Week’s Market Buzz

•    Oil prices were higher at press time, shortly after two sources told Reuters that OPEC provisionally agreed to cut production by 1.5 million barrels per day. International benchmark Brent crude traded at $51.52, up around 0.8%, while U.S. West Texas Intermediate stood at $47.10, around 0.7% higher.

•    According to Reuters, Saudi Arabia fought a price war aimed at putting the U.S. shale industry out of business just six years ago, which ultimately failed. Now, the country has adopted the techniques developed in U.S. fields – which started with gas – for the huge $110 billion Jafurah shale gas field project.

•    Shale Support Holdings LLC, a provider of frac sand and logistical solutions to the oil and gas proppant market, announced it has finalized a supply contract for a tier-one petroleum and natural gas exploration and production company. The contract began in early 2020. Shale Support will supply the E&P company with frac sand from its Picayune, Miss., mine to the Eagle Ford Shale.