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OPEC Agrees To Cut Production; Oil Prices Surge - Business - Nairaland

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OPEC Agrees To Cut Production; Oil Prices Surge by watchindelta(m): 6:29am On Sep 29, 2016
It would be the first time in eight years that the oil cartel would lower output. The agreement was reached on Wednesday at a meeting in Algiers.
Oil prices surged more than 5% in reaction.
A global glut of oil supply caused oil prices to crash over the last two years. And OPEC nations, led by Saudi Arabia, have refused to lower production until now.
Under the agreement, OPEC oil production is expected to be reduced to a range of 32.5 to 33 million barrels of oil per day from 33.4 million. Saudi Arabia, the largest oil producer, is expected to give up 350,000 barrels a day, according to a senior OPEC source quoting the final proposal. Other OPEC nations are expected to lower production too, though more details were not immediately clear.
Three countries are exempted from the production cuts: Iran, Nigeria and Libya. Economic sanctions were lifted on Iran earlier this year, and Libya and Nigeria have had some of their oil facilities damaged by terrorist attacks in recent months.
Oil prices were as high as $100 a barrel in mid-2014. But the global oversupply caused prices to plunge to as low as $26 a barrel in February. The volatility in oil caused stock markets to dive at the beginning of 2016.
In recent months, oil prices have rebounded a bit and oil is currently hovering near $47 a barrel.
http://money.cnn.com/2016/09/28/investing/oil-surges-after-opec-informal-meeting/index.html
Re: OPEC Agrees To Cut Production; Oil Prices Surge by GeoOla25(m): 6:35am On Sep 29, 2016
good to know..FTC ,
first time .

1 Like

Re: OPEC Agrees To Cut Production; Oil Prices Surge by Icecomrade: 6:36am On Sep 29, 2016

One of the major set back to OPEC is their inability to bring all the oil producing countries under this platform.
This reduced the powers they were meant to wield in crude price control.

Another set back to OPEC are cases were member countries like Saudi Arabia act in deviance to measures suggested to control output and prices.

It's a good thing that they have a common ground at these critical times.
Lets hope other none members doesn't sabotage this move.

Lets hope it turns out positive for Nigeria. Let's hope it helps us survive our crisis

Nigeria will be great again

10 Likes 4 Shares

Re: OPEC Agrees To Cut Production; Oil Prices Surge by Olukokosir(m): 6:36am On Sep 29, 2016
Good way to go... Maybe December, OYEL price fit reduce to Goodluck price (#97naira) or Yaradua's price (#56naira).


If nt na Buhari price (#145naira)

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Re: OPEC Agrees To Cut Production; Oil Prices Surge by ahaika23: 6:36am On Sep 29, 2016
undecided
Re: OPEC Agrees To Cut Production; Oil Prices Surge by jaytime(m): 6:36am On Sep 29, 2016
That's the way to go. That will definitely push the crude price up. Atleast it will help Nigeria make some more income to fund our budget and spend our way out of the recession. My worries is now is, will they still cut our own supply too? Cos we've not in recent times been able to meet our supply quota due to myriads of factors. We can only pray government look into the Niger Delta issues and see how it could be resolved so we can reap maximum benefit from this move by OPEC.

1 Like

Re: OPEC Agrees To Cut Production; Oil Prices Surge by stevepee42(m): 6:37am On Sep 29, 2016
Good news for NAIJA
Re: OPEC Agrees To Cut Production; Oil Prices Surge by raker300: 6:37am On Sep 29, 2016
I thought they said it's because the oil prices fell is the reason our economy is bad?

Now oil prices have improved, the efcc claimed to have recovered 20 trillion from pdp and saved 6 trillion from TSA...why is our economy still bad?

23 Likes 1 Share

Re: OPEC Agrees To Cut Production; Oil Prices Surge by idolda: 6:38am On Sep 29, 2016
Great
Re: OPEC Agrees To Cut Production; Oil Prices Surge by watchindelta(m): 6:38am On Sep 29, 2016
jaytime:
That's the way to go
smile go soon come.
Re: OPEC Agrees To Cut Production; Oil Prices Surge by abumeinben(m): 6:38am On Sep 29, 2016
sad

Oyeh prices would hit above 100 before 2019.

And let's see what happens next.

I like to compare on levelled grounds.

1 Like

Re: OPEC Agrees To Cut Production; Oil Prices Surge by Silverstars: 6:38am On Sep 29, 2016
Naira still won't rise
Re: OPEC Agrees To Cut Production; Oil Prices Surge by ajaxtea(m): 6:38am On Sep 29, 2016
It seems light is gradually coming out of the tunnel, if only the NDA and other militant group can stop disrupting oil production...

1 Like

Re: OPEC Agrees To Cut Production; Oil Prices Surge by Lamexx(m): 6:38am On Sep 29, 2016
Good
Re: OPEC Agrees To Cut Production; Oil Prices Surge by iambabaG: 6:38am On Sep 29, 2016
This is just a short term remedy..
We need to diversify the economy! This are just pointers the oil will soon be a useless commodity..
We need some radical shift in country's earnings! Unless titanic will just be a child's play

4 Likes

Re: OPEC Agrees To Cut Production; Oil Prices Surge by adioolayi(m): 6:38am On Sep 29, 2016
Abeg lower the output....although, Nigeria has been forced to lower output by the activities of those criminals called militants angry

2 Likes

Re: OPEC Agrees To Cut Production; Oil Prices Surge by showlex2: 6:39am On Sep 29, 2016
I hope this will benefit our country
Re: OPEC Agrees To Cut Production; Oil Prices Surge by Xer0: 6:40am On Sep 29, 2016
I hope this won't stop diversification of Nigeria economy

1 Like

Re: OPEC Agrees To Cut Production; Oil Prices Surge by gudluckgreat(m): 6:40am On Sep 29, 2016
My optimism will pay off eventually
Re: OPEC Agrees To Cut Production; Oil Prices Surge by idris4r83(m): 6:40am On Sep 29, 2016
Good news finally
Re: OPEC Agrees To Cut Production; Oil Prices Surge by Rett0: 6:41am On Sep 29, 2016
Buhari should leave ND oil alone and focus on exploring other options.
The 5%ters need some break.

If my people who are called by a name shall shut their ears to the mention of oil and restructure Nigeria and till their land, then will I know that they are due for a change and take them serious. Until then, I quit.

4 Likes

Re: OPEC Agrees To Cut Production; Oil Prices Surge by olsamlaw(m): 6:41am On Sep 29, 2016
its a welcome development for Nigeria, I think this should affect us positively.
Re: OPEC Agrees To Cut Production; Oil Prices Surge by iCool(m): 6:42am On Sep 29, 2016
stevepee42:
Good news for NAIJA
It's actually good news for the looters in government. angry

1 Like

Re: OPEC Agrees To Cut Production; Oil Prices Surge by atirolu(m): 6:44am On Sep 29, 2016
Any need for that? Nigeria is helping the oil producing country we are far less producing the daily production limit Avengers no gree us produce

3 Likes

Re: OPEC Agrees To Cut Production; Oil Prices Surge by FabioPeter: 6:44am On Sep 29, 2016
For the records our production quota is 2million barrels per day. We are currently producing 1.2mil bopd due to vandalism of our facilities.
We would benefit marginally if the price goes up as expected but the real deal for us is ensuring peace in the Niger Delta so we can grow our production.
If we meet our quota which by the way our budget is benchmarked against, we could strive to do more and feed our refineries so we rely less on fuel import which stifles our foreign reserve.
It's time to wake up from our slumber.

4 Likes

Re: OPEC Agrees To Cut Production; Oil Prices Surge by abumeinben(m): 6:45am On Sep 29, 2016
Silverstars:
Naira still won't rise

I thought you said
nairaland won't ruse

grin
Re: OPEC Agrees To Cut Production; Oil Prices Surge by mars123(m): 6:45am On Sep 29, 2016
Go and appease the militants so as to bring a stop to the destruction of oil platforms, then I can celebrate.

1 Like 1 Share

Re: OPEC Agrees To Cut Production; Oil Prices Surge by Nobody: 6:46am On Sep 29, 2016
OPEC has finally woken up..it wouldn't have gotten to this stage if they had reacted this way and mainly was caused by Saudi Arabia non compliance .
Re: OPEC Agrees To Cut Production; Oil Prices Surge by Adesiji77: 6:48am On Sep 29, 2016
Interesting...
Re: OPEC Agrees To Cut Production; Oil Prices Surge by hustla(m): 6:49am On Sep 29, 2016
raker300:
I thought they said it's because the oil prices fell is the reason our economy is bad?

Now oil prices have improved, the efcc claimed to have recovered 20 trillion from pdp and saved 6 trillion from TSA...why is our economy still bad?


Sometimes stop thinking with your Anus and watch CNN sometimes. Opec and member countries excluding Iran, I think just agreed to the output reduction yesterday and you're already shouting efcc today

Smh

3 Likes

Re: OPEC Agrees To Cut Production; Oil Prices Surge by potbelly(m): 6:50am On Sep 29, 2016
the competitors in the oil market (shale oil) will be the ones to benefit from this production cut...
Re: OPEC Agrees To Cut Production; Oil Prices Surge by Agimor(m): 6:51am On Sep 29, 2016
Good news I hope those miscreants would continue to sabotage the oil facilities in the light of this new agreement.

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