The OPEC-led group of oil producers had last Friday announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.
Given that it took the influence of Russian energy minister Alexander Novak to broker a deal as OPEC's meeting unexpectedly stretched into two days, the market may yet need convincing that the group will actually deliver the cuts it promised.
Other analysts noted the OPEC-led reductions may not be deep enough to restore balance to the market especially after the U.S. Energy Information Administration confirmed its forecast that the United States would end this year as the new top producing nation.
Cooperation with the United States in the field of nuclear power is only possible for countries that sign the so-called 123 agreement, which stipulates a clear distinction between using nuclear technology for civil and for military purposes, and binds the signee to utilizing the technology for civil purposes only.
Friday's agreement was a seemingly good one, or maybe we should say the best one under the current circumstances, Tamas Varga, a strategist with PVM Oil Associates, said.
"Investors and producers however fear a tsunami of additional U.S. shale oil supply in late 2019 and 2020 as new pipelines are installed from the Permian to the U.S. Gulf".
Daily oil production stood at 801,000 barrels in November 2018, of which 733,000 barrels accounted for crude oil and 68,000 barrels for condensate, while 6,000 barrels of oil products were exported.
After the strong start, Brent futures ended just 23 cents, or 0.4 per cent, higher at $60.20 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 65 cents, or 1.3 per cent, to $51.65. "OPEC refused to specify which country would cut how much".
Opec expects global oil demand to slow next year and sees little support from the economic backdrop.
Saudi Arabia will be the country to witness the most significant drop in oil production among OPEC member countries. "Today's decision is a very important step for the oil producers, the oil market and the future of the oil industry", he said.
Russian Federation is the second largest crude oil producer in the world after the United States. "Opec is no longer the 30 million barrel (per day) group".
Most of the large oil producers have reached to the agreement to cut the oil production.
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