Baku, Azerbaijan, Dec. 28
By Emil Ilgar – Trend:
Iran hopes the OPEC members would stay committed to their obligation to keep the Cartel’s production level at 32.5 million barrels per day (mb/d).
There is no guarantee for implementation of oil cut deal, but it would be realized, because it is in favor of the all of participants, IRNA quoted Oil Minister Bijan Zanganeh as saying Dec.28.
OPEC members reached an agreement Nov.30 to cut the oil production level by 1.2 mb/d to 32.5 mb/d in 1H17.
Accordingly, 12 non-OPEC oil producers announced in Dec.10 that they would cut their oil output by 558,000 b/d as well.
OPEC oil price increased from around $40/b in 11-month average of 2016 to about $52/d currently.
The oil cut deal would be implemented from January for six months.
