OPEC cut to affect upstream sectoOPEC's agreement to curb crude production for the first time in eight years will have more impact on the upstream sectors of China's oil giants, analysts said. "The OPEC agreement to cut output has improved market sentiment and led to the price surge on Wednesday. Analysts said soaring oil prices in the next three to five years would be unlikely considering the current demand and supply situation in the oil market. "US shale oil may serve as the stabilizer to oil prices and cap the amount of recovery," Wang said. "All the moving parts, including the OPEC cut and demand growth, make the rebalance a dynamic process and not easy to forecast."

Source: The China Post December 02, 2016 18:02 UTC