The summary cut amounts to some 1.8 million barrels per day in the first half of 2017. The deal finalized a preliminary agreement reached in Algeria in September. The 11 non-cartel states which agreed to the deal included Russia, Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan.
"The demand for OPEC crude in 2017 is expected to stand at 32.6 mb/d, which is slightly higher than the 32.5 mb/d level referred to in the most recent OPEC Ministerial Conference. This, combined with the joint cooperation with a number of non-OPEC countries in adjusting production by around 0.6 mb/d, will accelerate the reduction of global inventories and bring forward the rebalancing of the oil market to the second half of 2017," the December report reads.