See crude price rising to $70/bbl by end of 2017: Energy Aspects

If the Organisation of the Petroleum Exporting Countries (OPEC) members comply with the supply cut to bring down inventories of crude oil, the crude oil price per barrel may go as high as USD 70, says Virendra Chauhan, Oil Analyst at Energy Aspects. The price per barrel may rise to around Rs 59-60 by the end of the current quarter.But he also warns that prices may also see a downtrend if key countries don't cut output. He is worried by Iraq's constant production rise and he fears that Iran along with Iraq may fail to comply with the production cut.After 8 years, the OPEC members finally agreed to cut oil production in November after a supply glut across the world led to a sharp fall in crude prices.Watch video for more.