OPEC Kingpin Saudi Arabia, meanwhile, has to bear in mind pressure from the U.S. after President Donald Trump demanded in a tweet on Wednesday that the cartel boost output so as to lower prices and help the economy.
Oil producers have been hit by a 30 per cent plunge in crude prices since October, as supply surges just as the demand outlook weakens amid a global economic slowdown.
"It's mainly due to the lowered expectations before the deal".
Oil prices surged following the announcement, with a barrel of Brent crude jumping almost 6 percent, to $63.11.
The kingdom's diplomatic position however has been badly weakened by the furore over the killing of journalist Jamal Khashoggi. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.
The oil price improvements came as a pair of junior Calgary oil companies announced they would cut payouts to shareholders and reduce production because of the current quarter's low oil prices to date.
India had also asked for action to bring down high oil prices, he said. The Persian Gulf nation is now subject to USA sanctions and as such won't participate in any curbs, Oil Minister Bijan Zanganeh said.
Another source said Tehran wanted an OPEC communique to specify that Iran was exempt from cuts.
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However, Iran appeared to accept a deal by Friday afternoon in Vienna, though delegates said the group was still negotiating the wording of its official statement.
Opec's surprise output reduction has wrong-footed short-sellers. On the other hand, Saudi Arabia's output in November was significantly higher than in October.
Oil output from the world's biggest producers - Opec, Russia and the United States - has increased by 3.3 million bpd since the end of 2017 to 56.38 million bpd, meeting nearly 60 percent of global consumption.
While ministers met on Wednesday, Trump tweeted that the "world does not want to see, or need, higher oil prices!" According to US Energy Information Administration (EIA) data, share of non-OPEC producers in world oil production was 46% in 1973.
- Even though the U.S. is expected to rebound back into net importer status next week, this marks the beginning of a new trend as American producers are edging closer to 12mbpd output.
FILE - A worker hangs from an oil derrick outside Williston, N.D., where oil is taken from the Bakken shale formation. In June, partly in response to the US renewal of sanctions on Iran and to offset declines in other producers, such as Venezuela, OPEC reversed course and began opening the spigots. However, it still wields enormous influence, analysts say. Crude oil posted its first major gain in a month on 3rd December after the United States and China agreed to a temporary truce in their ongoing trade war, reducing the downside risk for the global economy. OPEC accounts for about one-third of global crude production. Initially, an Opec report indicated that in order to stabilise the crude markets, an output cut of somewhere around 1.5m bpd was required.
Although OPEC discussed on a range between one million and 1.3 million barrels per day, a consensus had to wait pending a commitment by the non-OPEC allies, led by Russian Federation, on the issue.