Nigeria, Other Global Oil Producers Agree To Cut Oil Output

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OIL, OUTPUT, OIL PRODUCERS

google_ad_client = “ca-pub-1865128810542670”; google_ad_slot = “4076579341”; google_ad_width = 300; google_ad_height = 600; In June and over the last six months, the agreement has been observed “98 percent,” the participating countries said, with the result that total output has been cut by more than 350 million barrels of oil. Monday’s meeting saw Nigeria agree to take part in cutting output as soon as its production reaches 1.8 million barrels, the statement said. Nigeria, the top African oil producer, and Libya, both OPEC members, had been exempt from the agreement up to now due to problems affecting their industries. At a press conference, Saudi energy minister Khalid al-Falih said he wanted to address the downward trend and “remove this bearishness by addressing it head on.” He stressed that Riyadh had reduced its output beyond its commitments. The statements by the oil producers pushed up oil prices, with the price climbing around 1 percent in London to more than $48.50 in the afternoon. The efforts to cut oil output are taking place without the involvement of the United States, which has become a major producer in recent years thanks to shale deposits. To Receive Free News Updates, Add To Your WhatsApp: 08033857245; For Adverts Enquiries, Call 08083609209, To Publish Your Articles Or News Stories, Email editor@skytrendnews.com. READ ALSO! EXCLUSIVE: Armed Robbery Attack At Zenith Bank Southeast Owerri That Killed One (WATCH VIDEO) READ ALSO! 7 Women Lure Two Men Into Their Car, Rape Them Serially Inside A Bush READ ALSO! REVEALED: How Brave Policeman That Shot Dead Armed Robber In Viral Owerri Video Died READ ALSO! Why Celebrity Marriages Will Continue To Crash — Comedian, Bash READ ALSO! Shock As Married Woman Dies In Hotel Room In Enugu With Alleged Lover READ ALSO! Mercy Aigbe Visits UK Hospital For Treatment READ ALSO! OWERRI ROBBERY: Nigerian Police Under Fire For Disparity In Their Claim Versus The Viral CCTV Video READ ALSO! UPDATE: Why Nigerian Soldier Who Killed Suspected Boko Haram Terrorist Was Sentenced To Death ]]>