MOSCOW (Sputnik) — In November, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel from next year.
"The baseline scenario assumed a slow adjustment in Urals crude oil prices from roughly $48 per barrel in June 2016 to $40 per barrel in 2016 Q3… Talks between OPEC member-states and major non-OPEC exporters to limit oil production are unlikely to have a lasting effect on the market situation," the report read.
On December 10, OPEC finished a meeting with non-OPEC countries in Vienna, at which non-OPEC countries decided to cut oil output by 558,000 barrels per day with Russia cutting the output by 300,000 barrels per day from January 2017.
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. Prices have partially recovered and are currently at around $50-55 per barrel.
