Oil markets are unfazed by the announcement that OPEC and non-OPEC oil exporters are meeting production cut targets ahead of time.

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Data: Money.net; Chart: Andrew Witherspoon / Axios

The cuts were agreed to by gulf oil states and non-OPEC countries in order to support the price of oil, recent declines in which have hammered the budgets of oil-export dependent nations. But the higher prices go, the more U.S.-based shale production becomes cost effective again.

Rig count data released on Friday showed that U.S. and Canadian producers have reacted to the OPEC cuts by ramping up production. The number of new rigs in North America has increased by 62 last week, suggesting there will plenty of new production to make up for whatever OPEC takes off the table.

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