Saudi Arabia shook the oil world by making a voluntary production cut although Russia was the winner in the latest OPEC deal that ensures both OPEC and ally countries comply with their production quotas. 

OPEC’s Saudi-led 14 members along with 10 members of Russia-spearheaded non-OPEC met on Thursday and Friday in Vienna, Austria for three meetings.

The two-day rally kicked off at 1000 GMT on Thursday with the 17th meeting of the Joint Ministerial Monitoring Conference (JMMC), which has been responsible for monitoring both OPEC and non-OPEC members’ oil production and adherence to output quotas.

Read more: Saudis surprise while Russia wins in new OPEC deal