On September 28, member states of the Organization of the Petroleum Exporting Countries (OPEC) agreed on cutting its oil production for the first time in eight years.
The output ceiling was set at 32.5-33 million barrels a day for the whole cartel, however, no exact limits for each country have been placed.
The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.
Other oil producing states, who are not members of OPEC, including Russia, are also expected to uphold the agreement, aimed at stabilizing the oil market.
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