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Goldman Sachs said the formal agreement by non-OPEC oil producers this weekend in Vienna to help curb output was reached with a goal of "normalization" of inventories and not necessarily just at raising oil prices. 

The Organization of the Petroleum Exporting Countries (OPEC) had previously agreed to cut output by 1.2 million barrels per day (bpd), and on Saturday, 11 non-OPEC producers agreed to join the effort and reduce output by 558,000 bpd.The cut was short of an initial target of 600,000 bpd but still the first OPEC/non-OPEC output deal since 2001 and the largest contribution by non-OPEC producers ever. 

"Despite the smaller-than-preannounced cut, the agreement is nonetheless noteworthy as it lifts the uncertainty on the potential participation of non-OPEC producers to the OPEC cut," the bank said in a note on Sunday.The agreement was followed by comments from top exporter Saudi Arabia's energy minister Khalid Al-Falih saying that the kingdom may be willing to cut output to below 10 million bpd.