Opec, 11 other producers agreed in Dec to cut their combined output by almost 1.8 mn barrels/day
Its 65% plunge in 2014, 2015 forced an emergency rate increase and pushed Russia into recession
Goldman said it was not in Opec's interest to extend output cuts beyond six months
Opec is curbing its output by about 1.2 million barrels per day (bpd) from Jan 1
Saudis tell US oil firms OpecPEC won't extend cuts to offset shale: Sources
US West Texas Intermediate crude extended Wednesday's 5.4% losses by 2% to end at $49.28 a barrel
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