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Home Business News

Why Nigeria Is Top Beneficiary From OPEC’s Decision To Cut Production

Chacha Wabara by Chacha Wabara
September 29, 2016
in Business News, Spotlight
Why Nigeria Is Top Beneficiary From OPEC’s Decision To Cut Production
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Following reports that Organization of Petroleum Exporting Countries, OPEC, on Wednesday decided to cut oil output to 32.5 million barrels per day (mbpd) from current production of 33.24mbpd, there were initially shivers around the spines of Nigerians whose economy is currently in recession and depends majorly on oil.

However, details from the meeting show that Nigeria is actually about ot eat its cake and have it as Iran, Nigeria and Libya have been allowed to produce “at maximum levels that make sense” as OPEC members are gearing up to finalize national quotas by November.

Why this was particularly unexpected was because Saudi Arabia’s economy, just like Nigeria’s has been suffering from the free fall of crude oil prices, decided to change its stance that all OPEC members reduce or none reduces.

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“For the Saudis, it just goes against the conventional wisdom of what they’ve been saying,” said Jeff Quigley, director of energy markets at Houston-based Stratas Advisors.

Invitations could also be sent to non-OPEC members who export oil in an effort to rally everyone concerned so that the situation is quickly resolved.

For Nigeria, hopes will be high that the next meeting goes smoothly as the synergy of increased oil prices and increased production will mean increased revenue and a quicker path out of the recession.

Parts of this article originally appeared in ThisDay Newspapers.


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Tags: OPEC
Chacha Wabara

Chacha Wabara

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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