ANZ commodity strategist Daniel Hynes said full compliance of the 1.7 million barrels a day cut from the market will negate the impact of any increase from the U.S. in the short-term, as the U.S. has cut just 800,000 barrels a day in the last 12 months.
This would "go a long way in pushing the market into deficit" as crude oil stock draw down accelerates in the first half of 2017, he told CNBC's "Squawk Box".
Hynes said oil prices could move into the mid-$60 a barrel level in the first quarter of 2017.
The joint output cut will be a "temporary fix", but proves OPEC and non-OPEC members are ready to support the market when prices fall, said Alliance Securities chief investment officer, Jonathan Barratt.
Shale producers will likely be ramping up production when crude oil prices hit $60 a barrel, putting renewed pressure on crude oil prices, he added to CNBC's "The Rundown".
He added he was optimistic on compliance by Russia.
"This is not a deal they just sign off and forget. It's a deal they are committed to and they will work to make sure they adhere to the actual goal set in the agreement," Barratt said, adding that it was in Russia's own interest to get oil prices to stabilize.
Hynes concurred with this view.
"The rhetoric is so strong this time; and economic and financial constraints are really pushing (the need for) compliance to the limit," said Hynes.
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