Due to recent events (THANKS TRUMP!) I have not been following oil prices.

Apparently there has been collusion between some oil producing states to restrict output.
Russia’s Energy Minister, Alexander Novak, recently stated that the decision to continue the agreement to restrict output has not been made as of now. [bloomberg]

“We are monitoring companies on a weekly basis for their production plans,” Novak said. “At the moment, all companies are conforming to their obligations. Companies don’t want to stand out among a group that is conforming.”

Novak declined to speculate on oil prices, after Russia’s central bank said last week that it saw a risk of oil prices falling to $40 a barrel by the end of this year without an extension in the deal and then staying close to that level in 2018-19. Benchmark Brent crude closed Friday at $50.80 a barrel.

The last time I was aware of oil prices it was in the $60 per barrel range.