Sector round up: OPEC looks to increase output

The agreement between OPEC and Russia on cutting supply to regulate prices could be relaxed in this period.
The Headquarters of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on 17 December, 2018. (Photo by Beata Zawrzel/NurPhoto)

The Organisation of Petroleum Exporting Countries (OPEC) is on the verge of increasing oil output considering the inability of Venezuela and Iran to meet the supply quotas.

The agreement between OPEC and Russia on cutting supply to regulate prices could be relaxed in this period.

In a related development, India Oil Corporation is buying West African crude between June 1 to 10.

About 25 cargos of Nigerian crude oil for May is still available for sale while the Federal Government has plans to stop. 


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