Oil prices rose by more than one dollar a barrel on Tuesday, after the Organisation of Petroleum Exporting Countries (OPEC) announced that over 90% of OPEC countries were conforming to the oil deal.
Members and non members of the organisation agreed to cut production in December 2016.
Brent crude futures, the international benchmark for oil prices, traded at $57.20 per barrel, recording an increase of $1.13 from its last closing price.
In 2016, oil prices traded as low as $27 per barrel and began to rise towards the end of 2016.
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While speaking at the 201 International Petroleum (IP) week, Mohammed Barkindo, secretary-general of OPEC, said that over 90% of member states were conforming to the oil deal.
“In OPEC’s most recent monthly oil market report the production data for January shows conformity from participating OPEC nations above 90%,” Barkindo said.
“Moreover, all countries involved remain resolute in the determination to achieve a higher level of conformity. We are also determined to realise the joint conference decision to strengthen and sustain this cooperation between OPEC and non-OPEC.
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“We want this to be a lasting and flexible partnership that when necessary can help reduce volatility, provide more confidence to the market, and steer a path towards more sustainable stability.
“All countries involved remain resolute in the determination to achieve a higher level of conformity.”
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