Baku, Azerbaijan, Feb.22
By Leman Zeynalova – Trend:
Oil prices held near seven-week highs after the optimist remarks made by OPEC secretary general over the compliance with the output deal.
The price of April futures for Brent crude oil has increased by 0.19 percent to $56.77 per barrel as of 02:55 EST. The price of April futures for West Texas Intermediate (WTI) oil grew by 0.18 percent to $54.43 per barrel.
OPEC Secretary General Mohammed Barkindo said during the International Petroleum Week conference in London that OPEC countries are aiming to boost compliance with agreed oil output curbs further from January's high levels.
All countries involved remain resolute in their commitment to the ongoing process and are determined to implement their obligations in a full and timely fashion to help ensure a more balanced oil market on a sustainable basis, he added.
Barkindo recalled that in OPEC’s most recent Monthly Oil Market Report the production data for January shows conformity from participating OPEC nations above 90 percent.
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