{"id":2238,"date":"2017-11-14T04:51:46","date_gmt":"2017-11-14T04:51:46","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=2238"},"modified":"2017-11-14T04:52:29","modified_gmt":"2017-11-14T04:52:29","slug":"opec-to-impose-further-crude-oil-output-quota-on-nigeria","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/opec-to-impose-further-crude-oil-output-quota-on-nigeria\/","title":{"rendered":"OPEC to impose further crude oil output quota on Nigeria"},"content":{"rendered":"
<\/strong><\/p>\n Nov 14, 2017: OPEC to impose quota on Nigeria as oil producers mull cuts extension to rebalance market<\/p>\n Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday.<\/p>\n \u201cI think this group of committed and responsible producers came together\u2026 and I think they will continue to do what it takes to take us to the next level,\u201d United Arab Emirates Energy Minister Suheil al-Mazrouei told an international oil conference in Abu Dhabi.<\/p>\n He said 158 million barrels of surplus crude oil remain on the market and \u201cwe need to reduce that \u2014 which means there is a potential for extension\u201d.<\/p>\n Mazrouei said there was near-unanimity among the 24 OPEC and non-OPEC producers which agreed a year ago to cut output by 1.8 million barrels per day.<\/p>\n He added that he had \u201cnot heard anyone\u201d speak of allowing the extension to expire, although the duration of the new extension would be \u201csubject to discussion\u201d.<\/p>\n \u201cI am hopeful that we will reach an agreement that will lead to more stabilisation in the market and more investments coming to the market,\u201d he said.<\/p>\n As a result of the cuts, oil prices have rebounded to more than $64 a barrel from $40 a year ago, and huge stocks of crude built up over the past three years have reduced.<\/p>\n Mazrouei, whose government is OPEC\u2019s fourth largest oil producer, said he was not happy with the sharp fluctuations in prices, saying they need to be more stable.<\/p>\n OPEC ministers are holding a crucial meeting in Vienna at the end of November to discuss extending the cuts deal as well as imposing the quota system on countries that have so far been exempted: Libya, Iran and Nigeria.<\/p>\n Cartel kingpin Saudi Arabia and the world\u2019s top producer Russia have voiced support for a rollover to the deal, the duration of which remains up for debate.<\/p>\n NigerianCanadian News<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Nov 14, 2017: OPEC to impose quota on Nigeria as oil producers mull cuts extension to rebalance market Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. \u201cI think this group of committed and responsible producers came […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[66],"tags":[],"yoast_head":"\n