Tag Archives: Nigeria

.OPEC’s agreement lasts for six months. with the goal of shrinking bloated oil inventories that are keeping a lid on prices

.The price of OPEC basket of thirteen crudes stood at $53.92 a barrel on Feb.2

.The January drop in OPEC output has been offset slightly by higher supply from Libya and Nigeria

Iran is eligible and capable to absorb some $370-380 billions within the next decade.

Iran was the first and largest manufacturer of MDI in the Middle East.

Iran was the only country allowed to slightly boost output.

It was decided during the meeting that majority of members curtail production by a combined amount of 1.2 million barrels.

The average production of oil during the first 6 months of the year should stand at the established quota.

The OPEC 171st session aiming at reviewing the oil freeze plan was held in Vienna on November 30.

Trump’s goal may not be completely unobtainable as US oil production has been on the rise and signs point toward possible energy independence.