Jeff Quigley, director of energy markets for Stratas Advisors, recently sat down with Hart Energy's Jessica Morales to discuss the outlook of OPEC's latest oil production agreement after returning from the group's meetings in Vienna last week.

Quigley said while the new agreement creates a sense of optimism there is still talk the extension may be revisited during the next meetings in June. According to Quigley, countries like Libya and Nigeria should have no problem upholding their part of the agreement. Additionally, Russia has voiced concern about the production cutbacks, so the world will be watching them throughout 2018.