{"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":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-2239\" src=\"https:\/\/nigerianews.ca\/wp-content\/uploads\/2017\/11\/C882DF32-6429-4103-B01C-E31D34221E6A-300x160.png\" alt=\"\" width=\"300\" height=\"160\" srcset=\"https:\/\/nigerianews.ca\/wp-content\/uploads\/2017\/11\/C882DF32-6429-4103-B01C-E31D34221E6A-300x160.png 300w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2017\/11\/C882DF32-6429-4103-B01C-E31D34221E6A-100x53.png 100w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2017\/11\/C882DF32-6429-4103-B01C-E31D34221E6A.png 620w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/strong><\/p>\n<p>Nov 14, 2017: OPEC to impose quota on Nigeria as oil producers mull cuts extension to rebalance market<\/p>\n<p>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<p>\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<p>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<p>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<p>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<p>\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<p>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<p>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<p>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<p>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<p>NigerianCanadian News<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/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,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[66],"tags":[],"class_list":["post-2238","post","type-post","status-publish","format-standard","hentry","category-top-news","entry"],"yoast_head":"<!-- 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