OPEC and its partners have decided to roll over the existing production cut agreement for another 9 months. After weeks of deliberations, infighting, global pressure and media hype, OPEC and Russia have confirmed the global oil market still needs support. OPEC officials stated the latter to the press, repeating Russian President Putin’s and Saudi Minister of Energy Khalid Al Falih’s former statements. Russian President Vladimir Putin said on Saturday that he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day, or 1.2% of global demand, until December 2019 or March 2020. Fears about a possible US-China Trade War, resulting in lower global economic growth, and the continued growth of US shale output has put oil prices under pressure, especially after several unexpected inventory builds earlier this year. The geopolitical instability in the Persian Gulf, a looming military confrontation in the East Mediterranean […]