On Wednesday, OPEC oil producing countries agreed a preliminary deal on the sidelines of an international energy forum in Algiers, Algeria. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. The date of oil output freeze is expected to be presented at the cartel's upcoming meeting in November. OPEC also decided to establish a technical committee to identify the production volume of individuals member countries.
"We do not expect that the OPEC agreement will cause significant changes as to the level of production of oil and gas or the level of activity in the Danish part of the North Sea," Ture Falbe-Hansen said.
Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid Nigerian, Canadian and Venezuelan output outages and growing demand in May, reaching a peak of over $50 per barrel in early June.
Crude prices are currently fluctuating between $40 and $50 per barrel.