When asked what oil price he expects by year’s end and in the beginning of 2017, Barkindo said, "We are expecting stability, we are expecting stable market, lower volatility."
Moreover, the OPEC chief stated, "We are expecting investments to come back to this industry at a faster rate; this is our expectation."
On Saturday, OPEC and non-OPEC countries struck a historic deal for the latter to reduce oil output by around 600,000 barrels per day in the wake of the cartel’s November's agreement to cut production by 1.2 million barrels per day. The summary cut amounts to some 1.8 million barrels per day in the first half of 2017.
Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Since then, prices have slightly increased and currently stand at $45-50 per barrel.
