Oil Prices Over $55 Per Barrel Harmful for OPEC

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Iran`s Oil Minister Bijan Zangeneh said an increase in oil prices to more than $55 (£44) per barrel was not in the interest of OPEC as it would lead to a rise in output by non-OPEC producers.
He said if oil prices specifically surge over $55 or $60 per barrel. non-OPEC producers will increase their crude production to benefit the most from the price hike.
The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day for the first six months of 2017. in addition to 558.000 bpd of cuts pledged by independent producers such as Russia and Oman.
OPEC Secretary-General Mohammad Barkindo said that January data showed conformity from participating OPEC nations with output curbs had been above 90 percent and oil inventories would decline further this year.
Iran was exempted from the production cut as Tehran argued its output should be allowed to recover after the lifting of international sanctions in January last year