OPEC ‘confident’ countries to meet oil output cuts
Crude oil sold for over $100 a barrel in summer of 2014, before bottoming out below $30 a barrel in Jan 2016.
Abu Dhabi: The head of OPEC says he remains “confident” that the cartel and outside members will stick to an agreement to cut production to help boost oil prices.
OPEC Secretary-General Mohammad Sanusi Barkindo of Nigeria says that the “level of commitment from both sides … is unparalleled.”
He added that there’s been “a high level of compliance.”
He made the comments on Thursday during the Atlantic Council’s Global Energy Forum in Abu Dhabi.
Crude oil sold for over $100 a barrel in the summer of 2014, before bottoming out below $30 a barrel in January 2016.
OPEC agreed in late November to cut its production by 1.2 million barrels a day, the first reduction agreed to by the cartel since 2008. Nearly a dozen other countries pledged an additional 558,000-barrel cut.