By Akinwande Onadeko
Nigeria and 2 other countries, Libya and Iran get concessions as the Organization of Petroleum Exporting Countries (OPEC) reaches decision to cut oil production by 1.2 million barrels per day effective January 1, 2017. The announcement was given by OPEC’s president, Mohammed Al-Sada at the end of the body’s 171st meeting in Vienna, Austria.
This decision is seen to revitalize paralyzed economies. Also, the OPEC’s secretary general, Nigeria’s Mohammed Barkindo reports this as a major accomplishment aimed at stabilizing the market and boosting prices.
Al-Sada also said the change in output would be divided among all members of the group bringing their ceiling to 52.5 million barrels per day.