OPEC countries met on November 30th and delivered the much anticipate deal that would see a production cut from the cartel in the tune of 1.2 million barrels per day effective from January. Now it is time for the non-OPEC countries to deliver. The OPEC statement has indicated that non-OPEC countries would shoulder a cut of 0.6 million barrels per day but no details were there, especially on who are the countries that would join the effort and how much production cuts they each would commit to.

The meeting would take place in Vienna tomorrow but the impact on the oil price would be felt on Monday as the market would remain closed tomorrow. Invitations have been sent to 14 non-OPEC producers and only five have so far committed to join; Russia, Kazakhstan, Azerbaijan, Oman, and Mexico. Russia has pledged to shoulder a cut of 0.3 million barrels per day, which would be cut in a phased manner through the first half of next year. Oman had previously committed to 5-10 percent cuts but that was before the OPEC meeting and actual numbers would be announced after the N-OPEC meeting tomorrow. Azerbaijan has committed to production cuts; however, Kazakhstan hasn’t committed anything. According to Russian energy minister, U.S. though invited unlikely to join the meeting tomorrow.

WTI is currently trading at $51.2 per barrel and Brent at $2.9 per barrel premium.