{"id":32981,"date":"2020-11-30T19:30:20","date_gmt":"2020-11-30T19:30:20","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=32981"},"modified":"2020-11-30T19:30:20","modified_gmt":"2020-11-30T19:30:20","slug":"nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles","title":{"rendered":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Nigeria has enjoined the Organisation of the Petroleum Exporting Countries (OPEC) to rethink the consequences of deep production cuts on member countries as OPEC and allies led by Russia prepare for a formal meeting this week, report obtained from energy and commodities intelligence firm, S&P Global Platts, on Monday showed.<\/p>\n

\u201cOn the peculiar challenges facing the country amid its large population and immense deficit in infrastructure, the president (Muhammadu Buhari) urged OPEC to consider the weight of the responsibility of the nation with 200 million poor people, with severe deficit in infrastructure when sharing oil production cuts,\u201d a presidential spokesperson told the London-based company.<\/p>\n

The declaration emerged days after Africa\u2019s biggest economy slipped into recession, following negative growths in its gross domestic product for the second and third quarters in the aftermath of an oil crash in April and the coronavirus outbreak.<\/p>\n

Nigeria has witnessed a slump in its oil output in the last couple of months following huge slashes to production in an effort to comply with OPEC\u2019s quota, which has sorely impacted earnings from oil, which contributes over 60 per cent of government\u2019s revenues.<\/p>\n

OPEC+ is set to devise its output strategy for next year when it meets on Monday and Tuesday but indications of disharmony are creeping up, \u201cwith some voices of dissent getting louder.\u201d<\/p>\n

Iraq is similarly becoming uncomfortable with OPEC+\u2019s singular approach to supply cuts. The United Arab Emirates is speculated to be contemplating an exit from the cartel, having privately deliberated on the possibility of its membership of OPEC lasting long in light of the aspirations of state-owned oil company, ADNOC.<\/p>\n

\u201cIf OPEC+ delays the tapering of cuts by three months, we estimate the oil market will continue to be undersupplied, albeit by a thin margin.<\/p>\n

\u201cThe re-imposed lockdowns in Europe and sharply increasing Libyan oil production have led to a weaker oil market balance, and this is the focus of OPEC+,\u201d said Norway\u2019s financial services group, DNB.<\/p>\n

Nigeria\u2019s OPEC officials were demanding a modification of the country\u2019s quota a couple of weeks back and asked for the go-ahead to produce more.<\/p>\n

Nigeria has not been consistent in its conformity to OPEC+ output cut pact and a major factor shaping the delinquency is the lack of clarity about its ultra-light oil grade, Agbami.<\/p>\n

The Ministry of Petroleum resources maintains that Agbami is a condensate even though foreign energy firms including Equinor and Chevron, both with stakes in the Agbami deepwater oil field, categorise it as a crude.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Nigeria has enjoined the Organisation of the Petroleum Exporting Countries (OPEC) to rethink the consequences of deep production cuts on member countries as OPEC and allies led by Russia prepare for a formal meeting this week, report obtained from energy and commodities intelligence firm, S&P Global Platts, on Monday showed. \u201cOn the […]<\/p>\n","protected":false},"author":84,"featured_media":32980,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,254,369],"class_list":["post-32981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-nigeria","tag-opec"],"yoast_head":"\nNigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. Nigeria has enjoined the Organisation of the Petroleum Exporting Countries (OPEC) to rethink the consequences of deep production cuts on member countries as OPEC and allies led by Russia prepare for a formal meeting this week, report obtained from energy and commodities intelligence firm, S&P Global Platts, on Monday showed. \u201cOn the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-30T19:30:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"345\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles\",\"datePublished\":\"2020-11-30T19:30:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\"},\"wordCount\":436,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg\",\"keywords\":[\"Africa Press\",\"Nigeria\",\"OPEC\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\",\"name\":\"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg\",\"datePublished\":\"2020-11-30T19:30:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg\",\"width\":600,\"height\":345,\"caption\":\"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles - Nigeria","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles","og_locale":"en_US","og_type":"article","og_title":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles","og_description":"Africa-Press – Nigeria. Nigeria has enjoined the Organisation of the Petroleum Exporting Countries (OPEC) to rethink the consequences of deep production cuts on member countries as OPEC and allies led by Russia prepare for a formal meeting this week, report obtained from energy and commodities intelligence firm, S&P Global Platts, on Monday showed. \u201cOn the […]","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles","og_site_name":"Nigeria","article_published_time":"2020-11-30T19:30:20+00:00","og_image":[{"width":600,"height":345,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles","datePublished":"2020-11-30T19:30:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles"},"wordCount":436,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg","keywords":["Africa Press","Nigeria","OPEC"],"articleSection":["all news","Economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles","name":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg","datePublished":"2020-11-30T19:30:20+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/11\/img-5fc51ca42d9d1.jpg","width":600,"height":345,"caption":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-seeks-to-halt-opecs-planned-output-cut-as-revenue-dwindles#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Nigeria seeks to halt OPEC\u2019s planned output cut, as revenue dwindles"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/32981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=32981"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/32981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/32980"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=32981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=32981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=32981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}