Carlos Murillo, an economist at the Conference Board of Canada, said those countries are unlikely to comply with that agreement, keeping oil prices from rising much higher.
Part of the reason is that Middle Eastern countries haven't fully caught on to the idea that a lot of oil can be produced with fracking, said David Keith, a Harvard physicist and public policy professor.
Fracking is a method of drilling that allowed energy companies to access oil locked in solid shale rocks beneath North Dakota, Colorado, Texas and other places - oil that was once thought to be too expensive to drill.
Today, shale oil can flood the market - especially in the U.S. - when oil prices are $50 per barrel, Keith said.
That means that almost no one is expecting big investments to flow into Canada's oil sands, even though the Canadian government's recent approval of two major oil sands pipelines - and Trump's possible support of the Keystone XL Pipeline - could give the oil sands a boost in the coming years.
"In general, we don't expect to see any new wave of investment that you saw in 2010," when oil prices were rising rapidly toward $100 per barrel, said Jackie Forrest, director of research for ARC Energy Research Institute in Calgary.