Business

Nigeria and Iraq pledge to cut output to meet OPEC targets

Isaac UmunnaComment(0)

Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets. An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average.

Market monitoring will continue ahead of the next OPEC meeting in December, the statement also said, adding that trade tensions and macroeconomic uncertainties remain. Reuters

Pix: OPEC headquarters, Vienna

Isaac Umunna

Related Articles
Business

Cooking gas marketers get 2-months grace, as FG plans massive clampdown

Isaac Umunna

The Federal Government, Thursday, set a two-month deadline for marketers and dealers of liquefied petroleum gas, LPG, also known as cooking gas, to weed out illegal and roadside dealers amongst themselves before the government commences full clampdown on unregistered and unlicensed gas sellers. Speaking in Abuja, at the Department of Petroleum Resources’, DPR, Annual General […]
Business

World Bank splashes $215m on Nigerian communities

Isaac Umunna

The World Bank has given US$215 million to communities across the country for the execution of rural development projects under its community and social development scheme. About 31 states of the federation signed the subsidiary loan agreements for the funding mechanism, which is deducted at source through the Ministry of Finance. The projects will enable […]
Business

ExxonMobil moves to reduce staff strength

Isaac Umunna

ExxonMobil has announced that it plans to reduce staffing levels in the United States, primarily at its management offices in Houston, Texas. The company anticipates around 1,900 employees will be affected through voluntary and involuntary programs. ExxonMobil noted that the staff cuts are the result of ongoing reorganizations and work-process changes that have been made […]