CHENGDU, Dec.8 (NBD) -- Oil prices soared after the Organization of the Petroleum Exporting Countries (OPEC) clinched an agreement to cut production. 

The oil future that matures at the January of 2017 closed on Tuesday at 50.93 U.S. dollars a barrel on the New York Mercantile Exchange. Despite a slight fall of 0.86 U.S. dollars againt the last day, the oil price still increased 12.6% and closed at 45.23 U.S. dollars compared with last Tuesday. 

China’s economy is bond to be affected by the oil price as it  is one of worlds’ largest oil importors. The crude oil imports stood high on September, but suddenly plunged 12.92% on October. 

Several experts told NBD that it will not drive China to reduce oil imports. The fall of oil imports on October is due to sufficient inventory and not necessarily a response to the recent price hike.

Liu Mengkai, analyst of SCI99, told NBD that even if OPEC really cut 120 million barrels a day, China will continue to increase its oil imports.