Organisation of Petroleum Exporting Countries (OPEC) may not slash crude production of Nigeria and other 13 members of the cartel, if the pleas by the United States President, Donald Trump, that OPEC should keep to the current production cost to avoid further price slump, is anything to go by.
OPEC, last year, exempted Nigeria and Libya from production cut and further extended deadline for Nigeria till the end of 2018.
Currently, Nigeria produces between 1.75 million to 1.8 million barrels per day, and may maintain its daily crude production, in the event that the cartel agrees with Trump’s advice on the issue.
This is coming as OPEC is meeting members today and tomorrow (Friday) in Austria, Vienna, to discuss with them on how to lower their output and other issues that are germane to the development of the market.
“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter.
Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!