OPEC ‘confident’ countries to meet oil output cuts

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.