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SAUDI ARABIA
Although the energy industry provides more than 10 million jobs with almost 8% of the country’s GDP, the US is less dependent on oil compared to average OPEC countries. However, its shale industry remains vulnerable to severe credit crunch and bankruptcies.
"This reduction in production provided excellent optics encouraging other OPEC + members to comply and even offer additional voluntary cuts, which should quicken the global oil markets' rebalancing act."
Minister of State for Petroleum, Timipre Sylva said the Organization of OPEC and non-OPEC countries would meet over production cut.
Oil prices spiked on Tuesday, erasing earlier losses after the U.S President Donald Trump disclosed that he would meet with the Chinese President Xi Jinping at the G20 summit later this month.
Nigeria's minister of state for petroleum resources, Ibe Kachikwu, paid a courtesy visit to the world's most profitable firm, Saudi Aramco on Wednesday.
FG to collaboarate with Saudi Arabia
Saudi Arabia’s moves to lower oil prices could have a negative effect on Nigeria’s budget and economy. The...