A shale oil boom in the U.S. is helping to create a glut in supply, putting pressure on OPEC to cut production.
"Uncertainties remain, the challenge gets harder, but the future's bright, now we've a charter," the OPEC+ poem read.
Oil prices have dropped significantly, with the U.S. benchmark price dipping below $60 per barrel.
"U.S. sanctions against Iran will both weigh on Iran's oil production prospects in the medium term and reduce Iran's crude exports in the short term...," the report predicts.
Prices could reach $90 a barrel.
"You impose sanctions on major producers ... and yet you are asking them to reduce the prices?"
OPEC members have agreed to cut output by 1.2 million barrels per day for the first half of 2017.
The hard truth is OPEC has a lot more power in the oil industry than the U.S. president, no matter who the president is.
The country's oil supply is far greater than previously reported.
No matter how many times we hear that oil prices are cyclical, we tend to believe the present trend is here to stay.
Elevation of Khalid al-Falih seen as message that Saudi Arabia is moving forward with plans to be less reliant on oil profits.
Brent crude oil appears to continue rising through what has been a volatile week for the industry.
Saudi Arabia is at odds with Russia over Syria, but the Gulf State will still try to find common ground.
Saudi oil minister says that the decision was taken as "we want a stable oil price."
The country's deputy oil minister says 500,000 more barrels of oil per day will be produced.
Crude oil futures tumbled 6 percent on Monday, reaching their lowest in nearly seven years.
Iraq's oil minister announced the formation of a defensive unit to protect oil reserves and infrastructure from the militant group.