Pump jacks are seen at Lukoil company owned Imilorskoye oil field outside the west Siberian city of Kogalym

Oil prices are down more than 20% from where they were at the start of 2017, a decline steep enough to be considered a bear market.

“The future might be bright for oil prices but the present is not,” Tamas Varga of London-based broker PVM was quoted by the Financial Times as saying. An immediate recovery would just be “wishful thinking,” he said.

“Market fundamentals are going in the right direction but, in light of the large surplus in stockpiles over the past years, the cut needs time to take effect,” Saudi Arabia’s energy ministry Khalid Al Falih said. Adding that rising production from Libya and Nigeria would not pose a threat to the deal.