OPEC expects United States to join deal on cutting oil output

OPEC Secretary-General Mohammad Barkindo said that they expect more non-OPEC countries to join the deal on reducing oil output.

«With what we have got, 11 countries from non-OPEC together with us in OPEC, we have not closed the collaboration. We expect other non-OPEC countries to join us, including the United States,» Sputnik cited Barkindo as saying.

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.»

«We are expecting investments to come back to this industry at a faster rate; this is our expectation,» he concluded.

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.

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