So very typical of we Indian... Always having an excuse or placing the fault of our failures at the doorsteps of others. World is full of examples where countries have risen from ashes with or without Oil.
This could be a move triggered by knowledge that US production is likely to fall in 2016 and 2017. According to EIA latest : US production will decrease from 9.3 MBD in 2015 to 8.7 MMBD in 2016 and 8.5 in 2017 But for now the agreement may not change the fact that the oil markets remain oversupplied. Inventory levels at already high levels will only thus grow further in 2016 and into 2017 as production continues to exceed consumption. Some experts opine that a rebalancing could occur with upward price pressures H2 2017. Probably again based on EIA' latest about OPEC production increasing from 38.2 (MMBD in 2015 to 39.2 in 2016 and 40.1 in 2017 - probably Iran accounts for most of the increase. Non-oecd consumption will increase from 47.5 MMBD in 2015 to 48.5 in 2016 and 49.6in 2017. This obviously is for now. We all know the geopolitical risks in the ME. Also OPEC can abruptly change stance. Oil futures indicate Oil arnd 40$ end 2016 and gradually increasing thereafter.