OPEC agrees on how to monitor production, but Saudis say compliance has been so strong that production cuts might not be needed after May

On Sunday January 22 OPEC and non-OPEC producers including Russia announced what looks like a credible mechanism for monitoring the production cuts that these nations agreed in December. And Saudi Arabia’s oil minister said that with better than expected compliance so far, there might not be any need to extend the production cuts beyond their May expiration. That would leave about two-thirds of the current supply glut in place.

China’s fourth quarter GDP growth of 6.8% hits target for year exactly

With China’s once every five years Communist Party leadership shift coming up this year, official figures released last night showed China’s GDP growing at a 6.8% rate in the fourth quarter. That puts the full-year 2016 growth rate at 6.7%. That’s right in the middle of the official current target range of 6.5% to 7% growth and matches the old 6.7% target exactly