Qatar’s oil minister on Wednesday hailed the success of OPEC’s agreement to cut oil output, saying it had spurred a positive tone for the crude market in 2017.

Speaking at the International Petroleum Week in London, Mohammed bin Saleh al-Sada recounted how the early 2016 slump in prices spurred major oil producers to tackle the global oversupply in oil by reaching a historic deal to cut production. The 13 members of the Organization of the Petroleum Exporting Countries — including Qatar — and 11 non-OPEC nations in December agreed to the six-month output reduction, which kicked off on Jan. 1

“These efforts and the consensus achieved thereof made a remarkable impact in the narrative of oil prices,” al-Sada said.

“The outlook for the oil market this year has now improved with a more positive tone. A year ago, crude oil prices CLJ7, +1.32% LCOJ7, +1.09% had fallen to a 13-year low of below $27 a barrel. Today, oil prices are essentially double of that and holding in a $50-$60 range. The [output] agreement is expected to reduce the high oil inventories and return balance to the market later this year,” he added.