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    The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016

    OPEC Chief Expects More Countries to Join Deal on Oil Output Cut

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    Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo said on Tuesday that he expected more countries to join the November 2016 oil output cut deal.

    MOSCOW (Sputnik) Barkindo stressed that despite the compliance with the agreement, OPEC and its partners did not manage to reach "equilibrium price" as oil reserves remained high, according to the Financial Times.

    "We will continue to focus on the level of inventory drawdown to bring the level closer to the five-year industry average… All countries involved remain resolute in the determination to achieve a higher level of conformity," Barkindo said, as quoted by the newspaper.

    According to a recent OPEC report, world oil supply fell by over one million barrels per day in January, averaging at 95.75 million barrels per day.

    On November 30, 2016, OPEC countries agreed on reducing oil production by 1.2 million barrels per day, with a daily cartel-wide cap standing at 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels daily.

    Earlier on Tuesday, the annual International Petroleum Week kicked off in London and will last through Thursday, comprising about 1,500 participants from over 50 countries to discuss the relevant issues of the global oil and gas industry.

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