By Adedapo Adesanya
Nigeria and other members of the Organisation of the Petroleum Exporting Countries (OPEC) are in talks to extend oil production cut through the year of 2020, reports have said.
Quoting a source, a Russain news agency, TASS, said discussions were still in the early stages. It was further disclosed that there was an understanding among the cartel members to extend the latest cuts which expires in March till the end of the year.
It was also stated that it was unlikely that the cartel will decide to relax the cut in March because the market is still very bearish in its demand growth outlook and there is also the threat of oversupply.
At the OPEC+ meeting in December, the group and its Russia-led partners decided to deepen the oil production cuts by 500,000 barrels per day in the first quarter of 2020 to brings total production reductions at 1.7 million barrels per day.
The latest agreement will expire at the end of March and OPEC and its allies are set to meet in the Austrian capital, Vienna on March 5 and 6 to decide how to proceed with the deal.
According to Saudi Arabia’a Energy Minister, Prince Abdulaziz bin Salman, said on Thursday that all options were on the table for the next summit of the OPEC+ coalition, including further cuts in oil production.
OPEC will have to address the oversupply in the market in the first half this year, and the cartel is likely to extend the production cuts through the end of 2020.
At the WEF, the International Energy Agency (IEA) said it expects a surplus of 1 million barrels per day in the first half of the year.
This is one of the many challenges facing oil as demand is depleting in the largest importer of oil, China with the spread of the coronavirus with the Chinese government imposing a series of warnings and restrictions on key travel routes as authorities step up efforts to contain the spread of the outbreak, which began in China’s Wuhan city.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
Like Our Facebook Page
Latest News on Business Post
- Onne Customs Raises Revenue 69.4% to N38.9 billion in Q1 2021 April 22, 2021
- YouTube Launches Inaugural Africa Reading Challenge April 22, 2021
- Audiomack, MTN Develop Data Bundle for Music Streaming April 22, 2021
- FCTA to Reward High Impact Entrepreneurs April 22, 2021
- CSCS Assures Shareholders Sustainable Value, to Pay N1.17 Dividend April 22, 2021
- Fitbit Unveils Device to Track Users’ Fitness, Wellness April 22, 2021
- UK Expresses Willingness to Attract More Investments to Nigeria April 22, 2021
- How to Invest in Stocks in Nigeria: Guide for Beginners April 22, 2021
- Jumia Employee Taking Pleasure in Meeting e-Commerce Needs of Rural Dwellers April 22, 2021
- Over 4 million Investors’ Accounts Have Incomplete KYC Data—SEC April 22, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology4 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Feature/OPED1 year ago
Davos was Different this year
Feature/OPED1 month ago
COVID and the Growth of Technology in Nigeria
Economy1 month ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria