The past year has been an historic one for OPEC and the global oil industry. Since publication of the World Oil Outlook 2016 in early November last year, the oil market has undergone significant change and transition. It has been a period where the rebalancing of the global oil market has gathered vital momentum, buoyed by a number of important factors. In Vienna, at the 171st Meeting of the OPEC Conference on 30 November 2016, OPEC Member Countries agreed on production adjustments for an initial period of six months, beginning 1 January 2017. This was followed on 10 December 2016, by the decision of 11 non-OPEC ... (full story)