Saudi Energy Minister and Russian Energy Minister along with OPEC SG holding a press conference at the OPEC HQ in Vienna, Nov 2017

The Organisation of Petroleum Exporting Countries (OPEC) announced its decision to extend production cuts throughout the year 2018. The decision was based on the fact that the markets are rebalancing with the OECD stock decreasing to 140 million barrels, but it is still higher than a five-year average. This decision is expected to support further recovery in prices and achieve market balance and restore stability.