Home Business Nigeria, Iraq agree to cut oil output

Nigeria, Iraq agree to cut oil output

- Advertisement -

FROM: The Nation

The Organisation of Petroleum Exporting Countries (OPEC) on Saturday agreed to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets.

- Advertisement -

The group is striving to prevent a glut amid soaring U.S. production and a slowing global economy.

Nigeria is to reduce supply by 57,000 barrels per day (bpd) while Iraq, OPEC’s second-largest oil producer, pledged to reduce output by 175,000 bpd by October. Better compliance will deliver an output cut of more than 400,000 bpd, two OPEC+ sources said.

Oil prices have dropped below $60 per barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela.

SOURCE: The Nation

FOLLOW US ON TWITTER SUBSCRIBE TO OUR YOUTUBE CHANNEL

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

FG sets aside $1.61 billion for 24 hour power supply – TCN

The Managing Director, Transmission Company of Nigeria, Alhaji Usman Gur says the Federal Government in collaboration with international donor agencies has set aside over...

NDIC pays N116 billion liquidation dividends

The Nigeria Deposit Insurance Corporation (NDIC), has paid depositors, creditors and shareholders of failed banks the sum of N 116.258 billion as Liquidation Dividends. The...

SMEDAN trains teachers in Imo on entrepreneurship skills, economic enhancement

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has explained that entrepreneurship training for teachers in the country was meant to shift...

Riders permit not national drivers license – FRCN

Corps Marshal, Dr Boboye OyeyemiOwing to the growing rate at which tricycle and motorcycle operators mistake Riders Permit issued in their respective states for...

Pound Sterling drops as Boris Johnson faces battle to pass Brexit bill

Sterling fell Friday as investors fret over Boris Johnson’s chances of pushing his Brexit deal through parliament, while Asian markets were mostly down after...