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The Organization of Petroleum Exporting Countries (OPEC), and non-OPEC members on Thursday agreed to extend the oil production cut by another one year starting from January, 2018.
With the cut deal, the global oil market will continue to witness reduction in about 1.8 million barrels of oil supply daily.
This is the second time the two groups reached agreement to cut production in order to ensure market rebalancing.
As a result of the cut deal last year and the corporation between the two groups, the prices of oil improved by nearly 20 percent on average to reach $51.67/barrel on OPEC reference Basket.
This may hinder on the 2018 budget of President Muhammadu Buhari where crude oil production was pegged at 2.3 million barrels.
With the cut deal, the global oil market will continue to witness reduction in about 1.8 million barrels of oil supply daily.
This is the second time the two groups reached agreement to cut production in order to ensure market rebalancing.
As a result of the cut deal last year and the corporation between the two groups, the prices of oil improved by nearly 20 percent on average to reach $51.67/barrel on OPEC reference Basket.
This may hinder on the 2018 budget of President Muhammadu Buhari where crude oil production was pegged at 2.3 million barrels.
