What was meant to be a quiet trading session ahead of key risk events (US FOMC and Dutch elections today) turned out to be rather more exciting. The WTI Oil price fell 1.4%, on the back of an OPEC report that stated Saudi Arabia increased oil production in February with oil now back to late November 2016 levels at $47.85 a barrel before subsequently rallying $1 overnight. US Treasury yields initially fell up to 4.0 bps on the news driven by the inflation component, while the S&P500 fell 0.4% weighed down by energy stocks (-1.0%). OPEC reported Saudi Oil production rose 263.3k barrels a day in February to 10.001m. While the production figure is still below Saudi Arabia’s agreed OPEC-cut agreement target of 10.058m, it does mark a notable departure from recent rhetoric of being willing to cut beyond what is required to support the agreement. It also plays with the grain of comments by the Saudi Energy Minister Al-Falih that non-OPEC producers should not expect Saudis to take on the bulk of cuts or assume that they will extend the production cuts past May. Can OPEC keep the oil price in their stated $50-60 a barrel range – or will US shale oil producers play with their delirium given their breakeven sits at $40-$50.