OPEC first officially announced its plans to attempt to implement an OPEC & non-OPEC production cut September 28th, 2016 in what became known as the ‘Algiers Accord’. In this accord, they opted for an OPEC-14 production target between 32.5- 33.0 MMBbl/d in order to accelerate the inventory drawdown and balance the market.

This report reviews the success of the OPEC & non- OPEC production cut agreement to date and summarizes the results of the 172nd OPEC Meeting & 2nd OPEC & non-OPEC Ministerial Meeting.