Oil prices are about 70% higher than they were the last time oil ministers met in Houston
OPEC has so far surprised the market by showing record compliance with oil-output curbs
For greater compliance with its deal with other producers including Russia
Top South Korean refiner SK Innovation is set to receive about 1 million barrels of Urals crude
European refineries are in general older and less complex than the newest units
'That's the highest in OPEC history,' OPEC source said
US oil production has risen more than 6% since mid-2016
Output was to be lowered by nearly 1.8 million bpd
It has held most of its exports to the rest of Asia steady for a second month
For Opec, there are few enemies more fearsome than Cushing
Opec expects some non-cartel producers to ramp up production next year
OPEC members have a mixed record complying with previous agreements to cut production levels
Saudi Arabia has pledged to reduce its output to 10.058 million bpd as part of an Opec deal reached on Nov 30
OPEC producers Iraq, Kuwait and the United Arab Emirates have also told buyers of their crude about planned reductions
Global commodity prices saw a dip but then started to rise after the global financial crisis
Recently, OPEC took decision to cut oil production for the first time in eight years
Initiates bilateral talks with consumers like India, China and Russia
That's more conservative than Bloomberg New Energy Finance's forecast for EVs to displace about 8 million barrels a day of demand by 2035
The market focus now shifts to the implementation and impact of Opec's first production agreement since 2008
Russian President Vladimir Putin was the mediator who played a crucial role