Oil markets responded in a similar fashion after Trump’s address, with Brent and WTI prices falling back below pre-Sulemani strike levels after reaching peaks of $71.75 and $65.65 respectively. The global oil market is currently well supplied, thanks largely to record-breaking production of US shale reserves. Supply is so sufficient, in fact, that OPEC has committed to multi-year production cuts as a measure to mitigate over-supply risks. The global oil market is currently well supplied, thanks largely to record-breaking production of US shale reserves. Supply is so sufficient, in fact, that OPEC has committed to multi-year production cuts as a measure to mitigate over-supply risks.