Browsing: Organisation of Petroleum Exporting Countries

Kachikwu explained that Nigeria and Libya, which had enjoyed exemption from the cap were technically allowed to maintain their status quo. However, with pledges, they would watch the volumes of oil they will bring to the market in 2018 so as not to disrupt the market rebalancing efforts.

The price increase is an additional benefit to Nigeria, which just secured the nod of OPEC for the extension of its exemption from crude oil production cap following the country’s plea to be exempted until it stabilises its production.

Analysts have said the rise in exports from the US would add to global oversupply, and intensify the tussle for market share between the US, OPEC and Russia. It could weigh on crude oil prices.