Iran’s oil minister said that he was confident the OPEC and non-OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise further as a result.

“I am certain that the OPEC and non-OPEC members will cut oil output as committed. This will remove the oil surplus from the market, balance the demand and supply, and lift prices,” Bijan Namdar Zanganeh was quoted as saying by the Mehr news agency.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico.

Source: www.reuters.com