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Revenue Top Priority of OPEC Members

Revenue Top Priority of OPEC MembersRevenue Top Priority of OPEC Members

The Organization of Petroleum Exporting Countries is moving toward maximizing its members' profit and stabilizing the market, the National Iranian Oil Company's former deputy for international affairs said.
"Instead of playing the role of a market strategist, OPEC members are making concerted efforts to generate as much revenue as possible by rebalancing the oversupplied market," Safar-Ali Keramati was also quoted as saying by Shana. 
In 2016, OPEC members agreed to cut output by 1.2 million barrels a day starting in January to strengthen oil prices. Other oil-producing nations joined a few weeks later, agreeing to remove 558,000 barrels a day of crude oil from the market, resulting in speedy price recovery.
Prior to the implementation of the scheme, crude was sold at around $40 per barrel, which fetched around $70 per barrel on Tuesday. The oil cut pact will be in place through to the end of 2018.
 

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