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OPEC
News and stories about OPEC
Brent oil futures fell in an attempt to pull back some of its losses of about 8%.
Nigeria had previously failed at complying completely with its promised cuts in past months.
Recent dip is as a result of fears that a second wave of COVID-19 pandemic will disrupt the market.
Oil prices continued dropping as investors and traders weighed on oversupply prospects, dollar strengthening, and refining margins
OPEC decided to exempt Libya from its oil production cuts due to the production lost through conflicts and its closure of ports and oilfields.
Investors' concerns strengthen over the pace at which the global economic recovery from COVID-19 overriding OPEC+ pledge to extend oil production cuts
Mele Kyari disclosed that the country will implement all of the output cuts that were agreed, by the middle of July at the latest.
Despite the output cuts from OPEC+ and curtailments in North America, crude oil prices may be short-lived as Brent crude could slip back
Brent crude still needs to deal with its oversupply issues before it can successfully move on with its current price range of $40 and $50 per barrel.
After the output cut by OPEC+ helped to reduce the supply glut, crude oil prices rebounded to the highest level at over $42 per barrel
The group has agreed to maintain its current output cut of 9.7 million barrels per day till the end of July as against the 7.7 million barrels per day that was initially planned.
The rally in crude oil price in recent weeks has been triggered by growing economic demand around the world and crude oil production cut by major oil producers since the deadly virus COVID-19.