Nigeria, Iran and Libya got special concessions Wednesday, as the Organisation of Petroleum Exporting Countries (OPEC), reached the much-sought consensus to cut oil production by 1.2 million barrels per day, effective January 1, 2017, Premium Times reports.
The cut, which is the first after eight previous attempts since 2008, is considered a massive boost to efforts by the global oil cartel to shore up oil prices and end a record glut that has paralyzed economies.
It is also seen as a major achievement by OPEC’s Secretary General, Nigeria’s Mohammad Barkindo, whose diplomatic shuttles since assumption of office in August, led to the “Algiers Accord” that sought to stabilize the market and boost price.
OPEC President, Mohammed Al-Sada, who announced the resolution on Wednesday at the end of the body’s 171st meeting in Vienna, Austria, said the adjustment in output would be shared among all members of the group, to bring their ceiling to 52.5 million barrels per day.
0 comments:
Post a Comment