More and more oil companies begin to cutting down their oil production when the agreement of OPEC go into effect. Russia oil production has fallen by 180,000 barrels a day in the last two weeks, putting the country "well on the way" toward meeting its pledge to cut 300,000 barrels of oil production a day as part of its agreement with OPEC, according to Bernstein, citing daily production tracking data. "

Russia has every incentive to pull back on supply and push oil prices higher," the bank writes. "On current fiscal reserve depletion rates they'd run out by end 2018 without further government spending cuts."

Asia is on track for a serious drop in oil production. Wood Mackenzie expects the region's crude output to fall more than 1M barrels/day by 2020, with about half that coming from China. 

Last year's average was 7.5M and "no other region is facing as severe oil-decline rates as Asia-Pacific," the research outfit posits. "The scarcity of new oil discoveries over the last two decades, combined with lower oil prices and hefty capex cuts--particularly to legacy fields--will see decline rates spiral across the region."