OPEC's Agreement on production cut

NEWS: OPEC agrees on production cut, may force Nigeria others to comply

The Organisation of Oil Producing Companies (OPEC), Russia and other allies referred to as OPEC+, yesterday agreed to extend oil production cut till December this year.

Though Minister of State for Petroleum Resources, Timipre Sylva had yesterday insisted that Nigeria has been complying with the quota and would 100 per cent comply to ensure oil market rebound.

The cartel yesterday stressed on the need for countries like Nigeria, Iraq and others to fully comply with cut.

OPEC+ had in April agreed on cutting supply by 9.7 million barrels per day (bpd) during May-June. It will cut 7.7 million bpd from July to December.