to plan , these actions could drain 50 percent of the estimated 300 million barrel excess stockpile over the next six months . This would also lead to a more stabilised market which might push prices much higher . That intervention , combined with falling costs and efficiency gains , means 2017 could be one of the best years to invest in oil stocks in quite some time . This is at a time when the flotation of the Saudi Aramco is in preparation .
Iran While the OPEC collective has agreed for 1.8 million barrels per day ( bpd ) production cutback , the commitment of the individual members has to be closely monitored . For instance , even though Iran has agreed to reduce its output by 210,000 bpd , the country has struck new deals with Asian customers including China and India to increase its sales . Once the production cut comes into deeper effect , we have to watch how the different
11