Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Commodities

Saudi pressures Nigeria, Iraq and others over output targets

William Ukpe by William Ukpe
August 19, 2020
in Commodities
OPEC+ Alliance, US, Russia, Canada, Mexico reach historic deal to cut 13.4 million bpd, Oil market still uncertain over the OPEC+ deal as prices react positively, 7 oil producing countries most affected by covid-19, see where Nigeria is placed, Organization of Petroleum Exporting Countries (OPEC),

OPEC

Share on FacebookShare on TwitterShare on Linkedin

The Saudi King, Salman bin Abdulaziz spoke with Nigeria’s President, Muhammadu Buhari pressuring the need for Nigeria to comply with its OPEC+ production quotas, as Nigeria joins Iraq and other non-compliant members on extended cuts.

This was disclosed by the Saudi State-run media on Wednesday morning before the OPEC+  meeting later today.

Nairametrics reported in July that the Organization of Petroleum Exporting Countries (OPEC) and its sister-members have asked the Joint Technical Committee (JTC) to monitor underperforming members in the extended production cuts.

The body also requests that all underperforming nations including Nigeria, Iraq, and others submit their plans for implementation of the “required compensation”.

Nigeria and Iraq failed to reach full compliance of the initial OPEC cuts as the cartel reduced production by 9.6 million barrels, bringing crude production to its lowest level in nearly 30 years.

OPEC is expected to discuss production cut compliance from defaulting members in today’s meeting, which would be chaired by Russia and Saudi Arabia.

Oil prices have rebounded from recorded lows in April, as Brent Crude reaches prices of near $45 per barrel today, the cartel expects full compliance from members who did not meet their quota targets to maintain the price at its current level.

Iraq announced it reached 85% of compliance in July and promised to cut production by 400,000 barrels a day in August in addition to its 850,000 barrels production cut quota.

Nigeria also promised last month that it is working hard to also meet full compliance with the cuts.

Related

Tags: Business NewsOil production cutOPEC

Leave a Reply Cancel reply

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

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers
    • Wema Bank emerges ‘Best Overall Investor Relations’ brand at NIVA awards 2022
    • Buhari to determine fate of returning ministers who dropped political ambitions – Lai Mohammed

    Follow us on social media:

    Recent News

    DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers

    DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers

    May 18, 2022
    Wema Bank emerges ‘Best Overall Investor Relations’ brand at NIVA awards 2022

    Wema Bank emerges ‘Best Overall Investor Relations’ brand at NIVA awards 2022

    May 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com