ALL ABOUT OIL

   OPEC's April monthly report was released this morning and unveiled more of the same: expectations of rising global demand (which will soon be dented as global growth fizzles, impacting the need for commodities, especially in China and EMs), coupled with declining production by OPEC producers (really Venezuela whose oil output is collapsing as the insolvent, hyperinflating state grinds to a halt), even as shale producers continue to win market share from OPEC, but really mostly Saudi Arabia.
    We start at the top, where OPEC optimism once again dominated, as the cartel sees a tighter market with rising demand even as its own output drops largely thanks to one nation