OPEC ministers agree to bring output compliance back to 100%

OPEC ministers agree to bring output compliance back to 100%

Organization of Petroleum Exporting Countries (OPEC) ministers agreed in principle to bring output compliance back to 100 PCT, Mehr news agency reported.

Earlier, Iran’s oil minister said $70 a barrel a good price for oil. But lack of clarity whether they’ve yet agreed anything with OPEC beyond saying they are “cooking something”.

Bijan Zangeneh, who is in Vienna since Wednesday has announced in different interviews that OPEC was not an American organization and that oil should not be used as a weapon or political leverage against other countries.

He added that the US efforts to put pressure on Iran has been the most important factor behind oil price hikes in recent weeks, adding that Washington will soon get to realize the inefficiency of its policies.

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