UPDATE: OPEC head says sure about oil deal fulfillment by Russia

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LONDON, Feb 21 (PRIME) -- OPEC has no doubt that Russia will fulfill its obligations under an agreement between oil producers to cut output, Secretary General Mohammed Barkindo said at a conference on Tuesday.

He also said that the organization is not worried about higher Russian oil exports.

According to Barkindo, international oil companies are likely to comply stricter with a supply cut agreement in the next few months compared with 90% in January.

“All countries involved remain resolute in their determination to achieve a higher level of conformity,” he said, adding that oil prices are still far from being balanced.

He said that the next meeting between oil countries to monitor the fulfillment of the agreement is scheduled for Wednesday in Vienna.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels at a meeting on November 30, 2016. Russia joined the agreement on December 10 with a promise to cut output by 300,000 barrels daily. The agreement was concluded for six months with potential prolongation.

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