Saudi Arabia and Russia, agreed on the need to extend output cut to rein in a global crude glut.

Japanese oil companies are expanding their network of crude oil suppliers, becoming less dependent on the Middle Eastern imports.

Global crude oil prices continue dropping to record low, with Brent down at $32.62 per barrel and US West Texas Intermediate (WTI) as low as $32.36, amid China's emerging economic slowdown and continuous overproduction of crude, which shatters hopes for market recovery in 2016.