Happy New Year 2024 to all our members and visitors! Our Forum is Now Back Online After Some Critical Upgrade- We Apologize for the inaccessibility Period! Thank You all. CORONAVIRUS safety tips from Admin! 1. Watch your hands with running water 2. Dont cough in your hands 3. Keep distance from people 4. Stay indoor if neccessary!! Stay safe !!! Dear Members,Do you know that naijacrux is fully programmed to serve you better, Do you know that you can share your favorite post on naijacrux with friends on twitter,facebook, googleplus,myspace and many more! To share post on naijacrux with friends and family on twitter, facebook,googleplus,myspace,and many more, scroll to the down page of the post, Click on the Social Icon You Want To Share On To Share.


Author Topic: OPEC to extend oil production cut for nine months  (Read 1485 times)

0 Members and 1 Guest are viewing this topic.

Offline mastercode

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 2923
  • Karma: +0/-0
OPEC to extend oil production cut for nine months
« on: May 26, 2017, 12:09:18 AM »
Loading...


In an attempt to keep the price of oil above $50 a barrel, OPEC has extended the production cut for another nine months. The decision came at a meeting between officials of oil exporting countries in Vienna.

OPEC has committed to an extension of the limit in crude oil production to 1.8 barrels a day until March 2018 in the hope of achieving sustained price recovery.

Since mid-2014, when oil hit a high of over $100 a barrel, its value has plummeted to $47 as recently as early May. However, despite the 50% drop in three years, the measure to limit production has stabilized the market, temporarily at least.
Russia and Saudi Arabia, OPEC's de facto leader, had made the commitment last week to extend the cut in production, making a pledge to do "whatever it takes" to boost prices.

The price rise this year has spurred growth in the US shale industry, which is not participating in the output deal, thus slowing the market's rebalancing.


 

 

Aviation Minister says new Abuja terminal ready in six months' assures security

Started by ctytravellink

Replies: 0
Views: 1623
Last post September 05, 2014, 09:25:07 AM
by ctytravellink
Nigeria spends N596 Billion on fuel importation in six months

Started by yungcrux

Replies: 0
Views: 1161
Last post September 12, 2016, 11:36:09 AM
by yungcrux
Ford will shift production of small cars to Mexico . dares Donald Trump

Started by internet police

Replies: 0
Views: 1578
Last post November 16, 2016, 07:33:11 AM
by internet police
Sony set to begin drones production for surveillance, inspection and measuring

Started by mastercode

Replies: 0
Views: 1521
Last post July 24, 2015, 12:41:56 AM
by mastercode
US Manufacturing Production Rises

Started by newspostng

Replies: 0
Views: 8971
Last post September 16, 2020, 12:23:08 PM
by newspostng