• 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

Historic OPEC+ oil deal still under threat as negotiations drag

Chike Olisah by Chike Olisah
April 12, 2020
in Business News, Politics
Following OPEC mute mode, Nigeria has the chance to finally meet its oil production quota
Share on FacebookShare on TwitterShare on Linkedin

There appears to be no respite for the oil crisis, despite the announcement of a deal by Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) for output cut, in order to help stabilise the market.

A report from Bloomberg indicates that the global deal for an oil output cut, which was initiated to stop the historic crude oil price crash, appears to be in danger, and negotiators are racing against time to reach an agreement, with only a few hours left before the market opens.

This is happening as the diplomatic row between Saudi Arabia and Mexico enters its fourth day, with a group of OPEC+ ministers expected to speak at 5 p.m. London time. Some of the delegates, however, pointed out that some progress had been made, with Russian officials warning that there would be unmanageable chaos if the negotiations failed.

RelatedStories

Crude oil prices

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

May 5, 2025
OPEC

OPEC+ plans 2.2 million bpd oil output increase by November 

May 4, 2025

Though some OPEC+ member countries had suggested removing Mexico from the group, the Energy Minister of Saudi Arabia, Prince Abdulaziz Bin Salman, said that the whole agreement is hinged on Mexico agreeing to the deal.

(READ MORE: OPEC Deal: Nigeria to cut oil output by 22% to 1.4mbpd)

The official spokesperson for the Russian President, Dmitry Peskov, said, “The whole world needs this deal.”

Worry for Nigeria as forecast shows OPEC countries will face a challenging 2020 , Why OPEC may not change output cut soon, Weaker oil demand overshadows proposed OPEC output cuts, as oil price dips , Nigeria tops compliance list, as OPEC’s December crude output drops, OPEC, Russia planning biggest oil cut ever, Historic OPEC+ oil deal still under threat as negotiations drag

READ ALSO: FG ready for OPEC talks, as brent crude risk plunging to single digit low

Backstory: In a virtual meeting on Thursday, OPEC and its allies agreed to an output cut of 10 million barrels a day for OPEC member countries and 5 million barrels per day for some major oil-producing countries. Subsequently, Mexico, rejected the oil output cut of 400,000 barrels per day which was allocated to it, as its delegates had proposed that they are only willing to absorb a 100,000 per day output cut.

This had been preceded by the oil trade war that went on between Russia and Saudi Arabia.

The crash in crude oil prices globally stems from the glut in supply and low demand due to the shutdown of the global economy as a result of the coronavirus pandemic.

(READ MORE: Oil Crisis: OPEC deal gets further boost from African Petroleum Producers’ Organization)

However, according to delegates, most OPEC+ member countries are backing US President, Donald Trump’s compromise with Mexico in order to facilitate the 10 million barrels per day output cut, even if they acknowledge that it’s a face-saving measure that does not necessarily translate to actual cuts.

In a related development, the G-20 said that it would take all the necessary measures to maintain a balance between oil producers and consumers, but it made no commitment toward specific steps on production cuts.


Follow us for Breaking News and Market Intelligence.
Tags: Crash in crude oil pricesenergy marketNigerian Business NewsOPECRussia and Saudi Arabia Price War
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

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
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Nigerian Crude sells below $65 per barrel, OPEC revamps oil production

May 4, 2025
Oil and Gas sector
Energy

Nigeria’s oil production declined by 5% in February, falls short of OPEC quota – NUPRC data 

March 11, 2025
OPEC, crude oil production
Energy

OPEC oil output rises in February as Nigeria exceeds quota by 70,000 bpd 

March 6, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Currencies

Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

March 4, 2025
Next Post
Oil price decline is driven by poor market

OPEC+ Alliance, US, Russia, Canada, Mexico reach historic deal to cut 13.4 million bpd

Leave a Reply Cancel reply

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

nlng
Zenth Bank
Emple
first bank
Zenth Bank








DUNS

Recent News

  • Plateau govt approves 159 mining firms to resume operations in the state 
  • Non-payment of ground rent: FCTA to take possession of 4,794 revoked properties from Monday 
  • IMTO inflows surge by 45% to $4.76 billion in 2024 amid CBN reforms 

Follow us on social media:

Recent News

Plateau State, Caleb Mutfwang, Grains

Plateau govt approves 159 mining firms to resume operations in the state 

May 23, 2025
FCTA approves N2.1 billion contracts for FCT as FCT-IRS gets N242.8 million for Microsoft license 

Non-payment of ground rent: FCTA to take possession of 4,794 revoked properties from Monday 

May 23, 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