Nigerian crude oil export earnings rebound by 116% in November – OPEC

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OPEC Sec Gen says Nigerian government should be commended for its proactive measures that facilitated the rebounding of the its crude oil export earnings.

Mr Barkindo noted that the inspirational leadership, visionary courage and diplomatic judgment of president Buhari was instrumental to bringing together OPEC and non-OPEC member countries and reaching consensus.

Commenting on the global economy, he said the forecast indicated that it would shrink by 4.3 per cent in 2020; all OECD economies are forecast to see a contraction, and all countries in Africa are anticipated to see a drop in GDP too.

He said starting from January 2021, participating countries will adjust production by 500,000 tb/d from 7.7 mb/d to 7.2 mb/d.

 

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