"I think he (Novak) was very measured and practical. They (representatives of Russia) are not joining OPEC, but they cooperate with OPEC and they support OPEC. So, I think that's enough. For now," OPEC Secretary General Mohammad Barkindo said.
On November 30, 2016, OPEC countries agreed on reducing oil production by 1.2 million barrels per day, with a daily cartel-wide cap standing reaching 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels daily.
The agreement is effective during the first half of the year and can be prolonged further.