Russia and Saudi Arabia have extended their efforts to curb oil output until March 2018.
Editor’s Remarks: The world’s largest cartel is at it again, and this time they have invited Russia to join their schemes. Both parties conceded that although oil supply and demand is evening out, there is still a long way to go. OPEC’s oil stockpiles are not expected to be significantly reduced this year and the International Energy Agency has said that much more needs to be done to address the problem. Meanwhile, the recent oil rally continues and Brent crude is trading at $52 a barrel, which has consequently pushed up global stock indexes. However, commentators remain convinced this is just a temporary uptick and remain bearish on oil prices.