OPEC, Russia extend oil output cut till end of 2018

SHANGHAI, Dec 13 (SMM)－OPEC members and Russia have decided to extend the crude oil production cut agreement until the end of 2018, surprising market participants.

According to OPEC secretary general Mohammad Barkindo, crude oil inventory has declined and that strong economic growth, especially that of China, can continue to support the market. In addition, global oil demand is forecast to stay at 1.5 million barrels per day in 2018, same as this year, Barkindo said at a meeting on Wednesday in Beijing. 

He added that China’s economic growth is estimated to be 6.8% this year and 6.5% next year.

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