Fitch: OPEC deal to cut oil inventories, but shale key long-term

The US-based rating agency Fitch came out with its latest review OPEC's decision to extend production cuts by nine months.

Key headlines (via Reuters):

• OPEC deal to cut oil inventories, but shale key long-term
• OPEC's decision to extend production cuts by nine months should provide some support for oil prices around average year-to-date levels
• Oil production surplus could return in 2018 if deal is not rolled over again, as new projects continue to come online and us shale production is set to grow
• Says "believe average annual prices for year are likely to remain around usd50-55/bbl for Brent, given impressive U.S. Shale production growth"