Tag: Output Cut
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Oil price rises to $58, OPEC+ commends adherence to output cut
The Organisation of Petroleum Exporting Countries (OPEC) said its members had achieved 101 per cent adherence to crude oil output cut mandatorily agreed upon last year to curb huge supply glut. This is coming as oil price rose to $58 per barrel yesterday hitting over 11-month high after major producers showed they were cutting crude…
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Output Cut: Nigeria gets Monday deadline to submit compensation plan
The Organisation of Petroleum Exporting Countries (OPEC) has given Nigeria a Monday, June 22, 2020 deadline to submit a schedule of the oil production cut compensation plan. The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ on Thursday, noted that Nigeria and three other members have till Monday to lay plans on how they will comply…
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Oil producers agree record 9.7m barrels output cut
Top oil-producers agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early…