OPEC Extends Output Cuts by Nine Months, but Market Reckoning Still Coming in 2018
As widely telegraphed before the May 25 meeting, OPEC and certain other countries have agreed to extend their production cuts, originally set to expire at the end of June, by nine months. There is no change to the magnitude of the cuts (1.8 million barrels per day, including 0.6 mmb/d from non-OPEC nations, such as Russia, Mexico, and Kazakhstan).The new agreement makes sense, given that the main objective of the cuts, bringing global inventories within the five-year average, remains incomplet...
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