Oil prices to reach $60-$65/barrel by late 2017 - expert
Oil prices will rise to $60-$65 per barrel by the end of 2017, Dmitry Marunich, co-chairman of the Kiev-based Energy Strategies Fund.
“If none of the largest oil producing countries suddenly changes its position, there is a high degree of probability that the agreement will be extended,” Marunich said.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to cut oil production to 32.5 million barrels per day. Later, non-OPEC countries agreed to reduce the output by another 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.(Trend)