Author Topic: OPEC to extend oil production cut for nine months  (Read 352 times)

0 Members and 1 Guest are viewing this topic.

Offline mastercode

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 2316
  • Thanked: 7 times
  • Karma: +0/-0
    • View Profile
    • Naijacrux
OPEC to extend oil production cut for nine months
« on: May 26, 2017, 12:09:18 AM »

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: 369
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: 231
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: 390
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: 217
Last post July 24, 2015, 12:41:56 AM
by mastercode
OPEC removed Kachikwu as president after two days in office

Started by mastercode

Replies: 0
Views: 236
Last post December 05, 2015, 10:40:01 PM
by mastercode
OPEC exempts Nigeria Iran and Libya from reducing production output

Started by legendguru

Replies: 0
Views: 276
Last post October 02, 2016, 01:09:15 PM
by legendguru
Opec members set to discuss oil production freeze in Algeria

Started by admin

Replies: 0
Views: 310
Last post September 26, 2016, 07:13:13 AM
by admin