OPEC+ to increase oil output in October
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, have decided to ramp up oil output by 137,000 barrels per day (bpd) in October.
OPEC made the announcement in a statement on its website after a virtual meeting with members on Sunday.
The participating countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reviewed global market conditions and outlook.
“The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in April 2023,” the statement said.
It noted that the global economic outlook is steady, and current market fundamentals are healthy, which is reflected in the low oil inventories.
The 1.65 million barrels per day (bpd) may be returned in part or in full, subject to evolving market conditions, and in a gradual manner, OPEC+ said.
First announced in April 2023, the voluntary production cuts of 1.65 million bpd were later prolonged to the end of 2026.
The eight countries will meet on October 5 for the next meeting.
(Xinhua/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Health
African health ministers urge greater readiness as Ebola outbreak escalates
Mr Kaseya said the outbreak has escalated within five months from a national emergency into a major continental health security challenge.
NationWide
Nigeria, France launch naval exercise to boost security in Gulf of Guinea
Mr Abbas said the exercise involved the Nigerian Navy’s three operational commands in collaboration with the French navy and other allied partners.
NationWide
NDPC tasks judiciary on data privacy threats, opportunities
The NDPC national commissioner urged judicial officers to recognise the implications of emerging technologies for privacy rights.
World
Delivery company DoorDash to acquire rival Instacart for $17 billion
DoorDash noted that the agreement would see the company acquire Instacart at $65 per share.
Health
FG, ECOWAS move to harmonise nursing, midwifery training standards
Mr Pate emphasised that investing in nursing and midwifery education is essential to building healthier communities.
NationWide
FG approves three policies to protect women, children amid shortage of sexual assault centres
The minister said the child protection plan would extend interventions to all 36 states and the Federal Capital Territory through a Pathfinder State Model.
