Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?

OPEC+ is in the middle of a fresh output build, adding over 411,000 barrels per day each month between May and July. The assumption across much of the market is simple: more global barrels should trigger a competitive response from U.S. producers. But the most recent field data suggests that this time the response might be more measured and subtle.