OPEC and producers outside of OPEC reached a deal late 2016 to cut back production in order to force up prices - commonly quoted compliance of around 90% but it one removes Kuwait and Saudi from this compliance the figures drop sharply to around 50%.
The aim of the deal was to force up the price of oil and to re-balance the supply and demand equilibrium.
The only effect of the deal was to make it viable to drill for oil on the North America and to make fracking viable. So any {if any} oil production drop was in fact counterbalanced by an increase in production from North America.
The price of oil never went above $56 for Brent. I do not think OPEC will cut a second deal.
So nothing has changed and the deal achieved nothing except for North America Rig Count.
Why o Why is the oil market so easy to predict {I knew this before Xmas} ?
After the deal ends then expect oil to? That I leave to you but I think we are not out of the woods yet.