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.
"According to the Bank of Russia estimates, a possibility of a price decline from the current levels down to $40 per barrel in 2017-2019 remains. At the same time, the Bank of Russia presupposes that the situation on the oil market in 2017 may turn out to be more favorable," 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.
