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OPEC agrees to extend Nigeria’s oil production cuts for nine months
Nigeria has survived a threat of withdrawal of exemption largess given it by OPEC in oil production cuts, as member countries agreed to extend the output cuts by another nine months till March 2018.
An OPEC delegate told Reuters, as the meeting progressed to its last session, on Thursday, that the oil producer group is ready to make more sacrifices to fight a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
Read also: India still leads other countries as Nigeria’s biggest trade partner. –Onyema
Indications point to the fact that the cuts would still be shared again by a number of non-members, led by top oil producer Russia, which reduced output in line with the the cartel’s yerns since January 2017.
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