MOSCOW (Sputnik) — Oil-rich OPEC and non-OPEC countries struck a historic deal on Saturday for the latter to reduce oil output by around 600,000 barrels per day in the wake of November's OPEC agreement to cut production by 1.2 million barrels per day. The summary cut amounts to some 1.8 million barrels per day in the first half of 2017.
"Those calculations, which we discussed today, reveal that this balance may take place in the third or the fourth quarter of 2017 in case of implementation of the arrangements that were reached today," Novak told Rossiya-24 television broadcaster on Saturday after the deal was closed.
Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Since then, prices have slightly increased and currently stand at $45-50 per barrel.
