• Contact Us
  • About Us
Sunday, June 22, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

OPEC members must lower costs to compete with shale – Kachikwu

metro by metro
March 1, 2017
in Economy
0
Kachikwu
0
SHARES
0
VIEWS

Members of the Organization of the Petroleum Exporting Countries must lower production costs to compete better with shale producers, Nigeria’s oil minister said on Wednesday.

Emmanuel Ibe Kachikwu, in an interview with CNBC Africa, also said he was confident that an output reduction agreement agreed in November would see oil prices hold.

Read Also

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

Trump Says May Change Mind About Firing Fed Chair, Powell

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

Nigeria, which relies on crude sales for around two-thirds of government revenue, saw its economy shrink 1.5 percent in 2016 – the first full-year contraction in 25 years – largely due to lower oil receipts.

Eleven of OPEC’s 13 members along with 11 non-OPEC countries agreed to make cuts for the first half of 2017, although Nigeria and fellow OPEC member Libya were exempt due to production setbacks suffered last year.

“OPEC members must lower production costs to compete better with shale producers,” said Kachikwu, quoted in a tweet on CNBC Africa’s Twitter feed.

Kachikwu said he was “impressed with the work OPEC has done” and “confident prices will hold”, but added: “What is more fundamental is what OPEC countries can begin to do for themselves in term of costs, diversification.”

The Nov. 30 agreement to cut production prompted oil prices to rise $10 a barrel, although they have been trading in a narrow $3 range in the last few weeks.

But analysts say that a revival in U.S. shale production is likely to limit any major price recovery in crude oil.

 

Tags: Ibe Kachikwu
Previous Post

Buhari’s sick leave re-energizes Nigeria’s presidency

Next Post

Xenophobic Attacks: N’Assembly Blames FG over inaction

Related Posts

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites
Economy

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

June 22, 2025
Trump Accuses Fed, Powell Of Creating Inflation On Heels Of Rate Decision
Economy

Trump Says May Change Mind About Firing Fed Chair, Powell

June 21, 2025
CBN
Economy

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

June 18, 2025
Dollars
Economy

Israel-Iran Conflict May Trigger FDI Decline In Nigeeia, Ghana- Report

June 16, 2025
Next Post

Xenophobic Attacks: N'Assembly Blames FG over inaction

Niger To Nationalise Uranium Mine Operated By France’s Orano As Relations Sour

Niger To Nationalise Uranium Mine Operated By France’s Orano As Relations Sour

June 22, 2025
Heineken Loses Operational Control Of Facilities In Congo’s War-Hit East

Heineken Loses Operational Control Of Facilities In Congo’s War-Hit East

June 22, 2025
11 Civilians Killed, Many Injured As Suicide Bomber Strikes In Borno

11 Civilians Killed, Many Injured As Suicide Bomber Strikes In Borno

June 22, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version