Tuesday 4 October 2016

NIGERIA’S PROJECTED INCREASE IN OIL OUTPUT TO OFFSET OPEC’S PROPOSED CUTS

Nigeria’s projected increase in oil production will potentially offset the production cuts proposed by the Organisation of Petroleum Exporting Countries (OPEC) to reduce the level of inventory in the oil market for the recovery of oil prices, THISDAY’s investigation has revealed.
 
OPEC had last Wednesday in Algiers, Algeria, agreed to a landmark deal to effectively cut production to 32.5 million barrels per day from around 33.24 million, the first time since 2008 that the cartel would be reaching such decision.
 

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