Welcome to 9jaflaver

HOME | MUSICS | FREEBEAT | VIDEOS | NEWS | TECHS | JOKES | COMEDY VIDEOS | GOSPEL

Celebrity News | Education | Fashion | Football Updates | Lifestyle | Funny Photos

Call Only:- +2348081377637 or +2348111727895

You Can Email Us:- [email protected]



« | »

OPEC Pegs Nigeria’s Oil Output At 1.8 Million Bpd


The Organisation of Petroleum Exporting Countries on Thursday agreed to extend curbs on crude oil outputs until the end of 2018.

Iran’s Energy Minister, Bijan Zangeneh, announced that Nigeria and Libya would be included in the oil output deal and an OPEC communique stated that the countries would not produce above 2017 levels in the new year, according to Reuters.

The Oman minister said that Nigeria had agreed to cap output at 1.8 million barrels per day.

The production cuts deal, which began on January 1 and called on OPEC countries and 10 non-OPEC producers led by Russia to cut a combined 1.8 million barrels per day in supplies to tackle oversupply and prop up prices, was in May extended by nine months to March 2018.

Nigeria and Libya, which were exempted from the cuts as they dealt with internal unrest that had targeted their oil infrastructure, had ramped up oil production in recent months as their security situations improved.

“OPEC extending the output cut till the end of 2018 was widely anticipated; however, suggestions that both Nigeria and Libya have decided to cap production is a bullish signal,” said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London.

However, price reactions were mostly muted, with many analysts saying the nine-month extension was already priced in.

“Because they’re going to be meeting again in a few months, we’re just going to be doing this again,” said John Macaluso, an analyst at Tyche Capital Advisors in New York.

Though the deal looked set to go through, a final decision involving non-OPEC producers, including Russia, had yet to be announced.

Russia has been pushing for a clear message on how to exit the cuts, concerned that prices do not rally too quickly and that rival United States’ shale firms do not boost output further.

One of OPEC’s biggest problems while cutting supplies has been rising US output, which is gaining global market share and undermining the group’s efforts to tighten the market.

Investorsking

 

Click Here To Comment On This Post

 

[Music] Krizbeatz Ft Mayorkun And Reminisce - Poker

[Music] Nelson Cool – Ifeoma

[Music] Kiss Daniel – Yeba

[Music] Lil Kesh Ft Rankfiizy – Ghetto Boi

[Music] Tekno Ft Wizkid – Mama

[Music] Bold Cool – No Vex

[Music] Olamide – Enimimomi

[Music] Mr Never Ft Marvey Muzique – Let You Know

author image
About 9jaflaver owner (Mr Ejump)

Mr Ejump Is the owner/CEO of 9jaflaver, he's an economist, a loving, and friendly young man. CONNECT via:- FACEBOOK TWITTER


Posted by on December 1, 2017.

Categories: 9ja news

There is love in sharing

0 Responses

Don't Just Read A Post And Go, Comment Below To Make The Post Lively

Do You Have Something To Say? Comment In The Box Below

Your Name Below

NOTE:- After Dropping your comment, keep calm, it will take 5mins before it appears.

« | »


Hottest Songs This Week

FOR MORE MUSICS CLICK HERE

Hottest Videos This Week

FOR MORE VIDEOS CLICK HERE

9jaflaver Music Of The Week

Lil Kesh Ft Rankfiizy – Ghetto Boi

9jaflaver music of the week

DOWNLOAD HERE

Also Check Out:-

Nelson Cool – Ifeoma

Also check out

DOWNLOAD HERE

Mr Never Ft Marvey Muzique – Let You Know

Also check out

DOWNLOAD HERE

Advertise | About Us | Privacy Policy | Contact Us | Content Removal | DMCA

Like us on facebook | Follow us on twitter
Copyright © 2017 9jaflaver
Powered By: 9jaflaver