OPEC and non-OPEC oil producers have agreed to reduce their combined output by more than 1.7 million barrels per day for six months from January 2017. But the agreement contains a provision that it can be extended for a further six months, subject to market conditions. Oil traders are betting on an extension, with most of the rebalancing of the oil market expected to occur in the second half of 2017. Storage tanks are expected to remain fairly full throughout the first six months of the year and only start emptying from June ( tmsnrt.rs/2hcnjbu ). Brent time spreads, the difference between futures prices for different months, provide an insight into how traders expect stocks to behave. Brent futures prices remain in a contango through the first […]