ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, May 17, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
OPEC

OPEC [PHOTO CREDIT: Zero Hedge]

Global oil output falls by 1.07 million bpd in January

byOladeinde Olawoyin
January 31, 2017
2 min read

Following the supply cut deal by the Organisation of Petroleum Exporting Countries, OPEC, oil output of member-states is set to fall by more than 1 million barrels per day (bpd) in January.

According to the report of a Reuters survey released Tuesday, the fall points to a strong start by the group in implementing its first supply cut deal in eight years.

The survey is based on shipping data provided by external sources, Thomson Reuters flows data and information provided by sources at oil companies, OPEC and consulting firms.

The Organisation of the Petroleum Exporting Countries agreed to cut its output by about 1.2 million bpd from January‎ 1 to prop up oil prices and reduce a supply glut.

The survey stated that supply from the 11 OPEC members with production targets under the deal has averaged 30.01 million bpd, down from 31.17 million bpd in December, based on shipping data and information from industry sources.

Compared with the levels that the countries agreed to make the reductions from, OPEC members have cut production by 958,000 bpd of the pledged 1.164 million bpd, equating to 82 percent compliance, the survey says.

It stated further that compliance of 80 per cent comfortably exceeds the initial 60 per cent achieved when the previous cuts deal was implemented in 2009, and it adds to indications that adherence to the deal so far has been high.

Reuters reports that oil edged above $55 a barrel on Tuesday. The cuts agreed by OPEC, Russia and other independent producers has helped to lift prices from a 12-year low near $27 a year ago.

The January drop in OPEC output has been offset slightly by higher supply from Libya and Nigeria, which are both exempted from the OPEC agreement because of output losses caused by conflict.

Saudi Arabia has reduced output to less than 10 million bpd in January, industry sources told Reuters, implementing a bigger cut than it had agreed to set a good example on compliance.

1X Bet AD

Iran, which was allowed to raise output under the OPEC deal because sanctions had crippled past supply, pumped an additional 20,000 bpd.

OPEC announced a production target of 32.5 million bpd at its November 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group.

Combined output in January from all members is about 520,000 bpd above the target, adjusted to remove Indonesia, the survey showed.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes





PT Mag Campaign AD

Previous Post

Kaduna Electricity Company seeks govt help in getting bank credit

Next Post

Police Commissioner accused of teaming with Gov. Wike against SSS dies

Oladeinde Olawoyin

Oladeinde Olawoyin

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

More News

Naira Notes

Naira sees big fall against dollar

May 16, 2022
Lagos market [Photo Credit: naija247news.com]

Food inflation hits 18.8% amid increase in bread, energy prices

May 16, 2022
McDonald's ad. [PHOTO CREDIT: McDonald's]

McDonald’s, Renault exit Russian market

May 16, 2022
Traders at the NGX trading floor

Nigerian stocks record first fall in six days after inflation data release

May 16, 2022
Bitcoin used to illustrate the story.

Bitcoin extends dip, falls below $30,000

May 16, 2022
A trader in ogba market, Lagos state (PHOTO CREDIT: Ntiedo Ekott)

Nigeria inflations jumps to eight-month high, hits 16.8%

May 16, 2022
Next Post
Police Commissioner accused of teaming with Gov. Wike against SSS dies

Police Commissioner accused of teaming with Gov. Wike against SSS dies

FILE PHOTO: President Muhammadu Buhari making a call

Buhari calls, mourns with Sports Minister

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,837,354 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.