The agreement by the oil producing nations to cut about 2 million barrels of crude oil off the market commenced yesterday giving hopes for commodity-reliant nations like Nigeria of more revenue in 2017.
Libya's National Oil Corporation spokesman has reported that the country's oil production rose to 670,000 bbl/day this week, up from the 363,000 bbl/day that the country produced when OPEC members representatives met in Algeria the last week of September.
The oil industry appears to be ready to open its wallet after two years of slashing investments, BMI Research, a Fitch rating company said. This came on the hopes raised in the global market over Organisation of Petroleum Exporting Countries, OPEC, group reaching an accord last week on production cut back to boost revenue.
Libya has achieved the unthinkable: oil production in the war-torn country is actually up substantially in recent weeks, as some idled oil fields came back into operation.
Secretary-General of Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, has declared his support for Nigeria’s ongoing efforts to diversify the economy and expanding the agricultural sector.
OPEC said the U.K.’s vote to leave the European Union could curb global economic growth next year, notably in Europe, where the risk is that demand for oil could fall.
The Organization of Petroleum Exporting Countries produced nearly 32.9 million barrels of oil a day in June, according to its monthly statistical bulletin.
The minister of state for petroleum, Mr Ibe Kachiukwu, has replaced Mrs Diezani Alison-Madueke as the conference president of the Organisation of Petroleum Exporting Countries (OPEC).