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OPEC Countries To Cut Production By 1.2Million BPD From January 1, 2017

Members of the Organisation of Petroleum Exporting Countries (OPEC) have agreed to cut production — the first in eight years—by one point two million barrels per day effective from January 1 2017.

Minister of State (Petroleum) Emmanuel Ibe Kachikwu who disclose this said the production cut is expected to boost the price of crude oil in the market to around sixty dollar per barrel in the next few days into the New Year when the cut is expected to take effect.

Also speaking at the end of the one hundred and seventy first conference in Vienna, Austria, Dr. Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and President of the OPEC Conference, said the duration of the agreed cut will be for an initial six months extendable for another six months to take into account prevailing market conditions and prospects.

He said the agreement was endorsed by member-countries to be without prejudice to future agreements with the establishment of a ministerial monitoring committee composed of Algeria, Kuwait, Venezuela and two participating countries, chaired by Kuwait and assisted by the OPEC secretariat to closely monitor the implementation of and compliance with the agreement and report to the conference.

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