OPEC Will Remain Supportive of Nigerian Oil Output

Cat:

July 24, 2017

Related stories

Olamilekan Okeowo with Agency Report

Saudi Energy Minister Khalid al-Falih said Monday that OPEC 10 other major oil producers remained supportive of conflict-torn Libya and Nigeria as they attempt to recover and increase crude production.

OPEC and some non-OPEC states including Russia agreed in 2016 to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018.

Al-Falih at the opening of the fourth Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) in St. Petersburg said: “Libya and Nigeria, are exempted from our agreement [on oil output cuts].

“Of course, we remain supportive of our brothers and partners in both nations as they work on the recovery of their oil industries and their economies.”

He said the market had faced pressure in recent weeks due to weaker OPEC compliance with cuts and rising production from Libya and Nigeria, which have been exempt from the reductions.

Hamilton Nwosa

Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

LEAVE A REPLY Cancel reply

Latest News

Tragedy In Texas....$2.9Billion Fraud: Outrage As EFCC Tracks N80bn To Accounts Owned By Sacked NNPCL Topshot‘Not everybody who voted for Carney quite knows what they got’: Canada eyes its new prime ministerDon't Get Distracted By "Armchair Critics", Let Your Results Speak For You, Tinubu Tells GovsOtti, Abure In War Of Words Amid Festering LP CrisisAir Peace Replies NCAA: Safety Our Priority, We Don't Cancel Flights For FunConfusion As Police Seal Galadima's Residence Amid Renewed Tussle For Kano Emirate's Stool$220m Fine: Nigeria Risks Facebook, Instagram Deactivation As Meta Threatens To Shut Down AppsNigerian Newspaper Proprietors Hail FCCPC's $220m Fine On MetaShettima Jets Out, Heads to Gabon for President-Elect’s Inauguration[VIDEO] Wike Reacts As Rivers Women Stage Walkout On Ibas' WifeNatasha Faults Activist's Claims, Says "Recorded Calls Not from Me"'PM Modi a tough negotiator': US vice president JD Vance says trade deal with India soonNANS: Prevail On Your Son, Nigeria Not Your Family's Property, Atiku Tells TinubuAfDB President Adesina Raises Concerns Over Nigeria’s GDP Per Capita Plummeting to $824