From Mike Burnick: Last week, OPEC and non-OPEC producers agreed to extend oil-production cuts for another nine months. These cuts amount to 1.8 million barrels per day from late 2016 levels.
Are those significant cuts? Not really. They amount to about 2% of global production. Plus, they’re a drop in the bucket compared to global oil inventories, which are 350 million barrels above their five-year average.