Just as expected: OPEC and the group of non-OPEC countries led by Russia extended their production cuts for an additional nine months through the end of 2018. “It’s been a good long day… in fact, it’s been a great day,” Saudi oil minister Khalid Al-Falih said at the presser. “I’m pleased to announce the decision has been unanimous.” The deal to cut 1.2 mb/d from OPEC, plus nearly 0.6 mb/d from non-OPEC countries, will run from January to December 2018. Assuaging some concerns from the Russian delegation, the deal also included a review of the production limits at the next official OPEC meeting in June. That opens up the possibility of removing or adjusting the agreement in six months’ time, although because OPEC meets every six months anyway to roll over the deal, this is a somewhat redundant statement. Al-Falih said the group will be “agile” and “on its […]