• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Freeze Or Cut: Which Way Does OPEC Go With Russia?

Chacha Wabara by Chacha Wabara
November 24, 2016
in Business News
Share on FacebookShare on TwitterShare on Linkedin

OPEC since August began rumors of a production cut to forestall the dipping prices of crude oil, due to a glut or over-supply of the commodity. The rumors starting looking like a reality when a formal meeting was scheduled and progress seemed to be made.

With non-OPEC members brought into the picture by Russian Energy Minister Alexander Novak, oil producing countries must have been rubbing their hands in glee anticipating the rise in the price of the commodity.

However, as quickly as the rumors spread, the problems started coming in. Saudi Arabia’s long standing feud with Iran as well the resurgence of Iraq as an oil producing country created big obstacles to the deal.

RelatedStories

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025

The introduction of non-OPEC giant, Russia, initially seen as a boost to the cause, is now also proving to be more of an headache for OPEC, Bloomberg reports. OPEC, particularly Saudi Arabia have pushed for production cuts while Russia is favoring a freeze (maintaining current levels). Initially, OPEC felt that Russia would back down if OPEC could agree specific quotas in a production cut deal. But more and more, it seems that Russia is deciding to stubbornly stick to its decision for a freeze.

“There is no difficulty for us to freeze production,” Russian President Vladimir Putin said on Sunday after a regional conference, in comments that some OPEC delegates have taken as all but ruling out cuts, Bloomberg says.

Considering that Russia is now producing the highest quantities since the breakup of the Soviet, an output freeze will not favor Saudi and other OPEC countries. Another consideration with the situation is how it impacts on other non-OPEC oil producing countries like Mexico and Venezuela, who are unwilling to invest too much into the talks considering that Saudi Arabia sank an output-freeze agreement because of the non-participation by its old foe, Iran earlier, rendering Novak’s efforts wasted. With all these considerations, the way to go for Saudi and OPEC seems less and less clearer.


Follow us for Breaking News and Market Intelligence.
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.

Related Posts

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment
Energy

OPEC warns of 23 million bpd oil shortfall globally by 2030 without $17.4 trillion investment

July 2, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Nigerian Oil falls below $70 a barrel amid faded supply disruption  

July 1, 2025
OPEC, crude oil production
Energy

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025
Crude oil prices
Breaking News

Crude oil price falls below $60, stoking fears of weaker naira and wider deficits 

May 5, 2025
OPEC
Energy

OPEC+ plans 2.2 million bpd oil output increase by November 

May 4, 2025
Next Post
Widespread interest as over 300 companies apply for the marginal oil field bid

Nigeria's Oil and Non-Oil Real GDP Growth Rate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 
  • Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 
  • NDPC urges Court to dismiss Meta’s suit over $32.8 million data privacy sanction 

Follow us on social media:

Recent News

Billionaire and Oracle co-founder, Larry Ellison

Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 

July 16, 2025
FCT High Court, Benjamin Joseph, zinox

Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics