After months of talks and rounds of meetings, OPEC finally sealed a deal on November 30 to cut production by about 1.2 million barrels per day (bpd), or about 4.5 percent of current production, to 32.5 million bpd.
The MP said the deal comes with two conditions: first, non-OPEC producers will have to forgo 600,000 of their daily output in favor of the market; secondly, the deal will be effective no sooner than January 1 2017.