{"id":8286,"date":"2020-06-08T12:37:44","date_gmt":"2020-06-08T12:37:44","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8286"},"modified":"2020-06-08T12:37:44","modified_gmt":"2020-06-08T12:37:44","slug":"opecs-decision-to-extend-production-cuts-is-a-positive-step-for-african-energy-players","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/opecs-decision-to-extend-production-cuts-is-a-positive-step-for-african-energy-players\/","title":{"rendered":"OPEC\u2019s decision to extend Production Cuts is a Positive Step for African Energy Players"},"content":{"rendered":"<p>Over the weekend, the 11<sup>th<\/sup>\u00a0OPEC and non-OPEC Ministerial Meeting concluded on a series of decisions which will help maintain a still fragile market stability, and which should be supported.<\/p>\n<p>Held via video conference on Saturday, June 6<sup>th<\/sup>, the Ministerial Meeting reconfirmed the existing arrangements under the April agreement and extended the production cuts of 9.7 million barrels per day by another month, until July 30<sup>th<\/sup>\u00a02020. The deal was initially due to expire on June 30<sup>th<\/sup>.<\/p>\n<p>In addition, all participating countries subscribed to the concept of compensation by those countries who were unable to reach full conformity to the agreement in May and June. As a result, and in addition to their already agreed production adjustment for May and June, countries who were not able to comply for these two months expressed their willingness to compensate for it in July, August and September.<\/p>\n<p>The reaffirmation of the OPEC+ commitment to the historic deal made last April comes on the back of a steady rise in oil prices. Gradual reopening of world economies along with increased conformity to the production cuts have allowed oil prices to bounce back and reach the $40\/bbl threshold. The rise has been especially beneficial for Nigerian and Angolan blends.<\/p>\n<p>\u201cOPEC is taking the right steps to respond to the market and should be commended. Uncertainty is bad for the oil industry and the extension of OPEC\u2019s cuts ensures market stability,\u201d declared NJ Ayuk,<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the weekend, the 11th\u00a0OPEC and non-OPEC Ministerial Meeting concluded on a series of decisions which will help maintain a still fragile market stability, and which should be supported. Held &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/opecs-decision-to-extend-production-cuts-is-a-positive-step-for-african-energy-players\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11],"tags":[63,7323,1827,1920,3843,2082],"class_list":["post-8286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","tag-africa","tag-cuts","tag-oil","tag-opec","tag-price","tag-production","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/US-oil-workers.jpeg?fit=718%2C300&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-29E","jetpack-related-posts":[{"id":8276,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-extends-oil-production-cuts-until-the-end-of-july\/","url_meta":{"origin":8286,"position":0},"title":"OPEC extends oil production cuts until the end of July","author":"","date":"June 8, 2020","format":false,"excerpt":"The 11th OPEC and non-OPEC Ministerial Meeting was held via vide oconference, on Saturday, 06 June 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia\u2019s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation. The Meeting recalled the rights of\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8601,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-joint-ministerial-monitoring-committee-calls-cooperation-in-supporting-oil-market-stability\/","url_meta":{"origin":8286,"position":1},"title":"OPEC: Joint Ministerial Monitoring Committee Calls for Cooperation in Supporting Oil Market Stability","author":"","date":"July 16, 2020","format":false,"excerpt":"The\u00a020th Meeting of the Joint Ministerial Monitoring Committee (JMMC)\u00a0took place via videoconference on Wednesday,\u00a015 July 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia\u2019s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation. The Committee reviewed the monthly report prepared\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8102,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-ends-oil-price-war-awaits-g20-meeting-for-opec-deal\/","url_meta":{"origin":8286,"position":2},"title":"OPEC+ ends Oil Price War, awaits G20 Meeting for OPEC+ Deal","author":"","date":"April 14, 2020","format":false,"excerpt":"In a move to save the oil industry \u2014 facing the biggest crisis in its history \u2014 OPEC and Russia have forged ahead on new production cuts, with the OPEC+ group agreeing to eliminate 10 million barrels of crude per day for an initial two-month period to save a glutted\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8120,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-still-has-an-important-role-to-play-in-global-oil-market\/","url_meta":{"origin":8286,"position":3},"title":"OPEC still has an important role to play in Global Oil Market","author":"","date":"April 21, 2020","format":false,"excerpt":"By Sebastian Wagner Scan Western news about OPEC from the last few years, and a common observation tends to appear: OPEC had a huge influence on the global oil market back in the day. Now, in the shale oil era, not so much. I would argue that OPEC can safely\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8684,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-gabon-talks-embodies-africas-strong-support-for-market-stability\/","url_meta":{"origin":8286,"position":4},"title":"OPEC-Gabon Talks Embodies Africa\u2019s Strong Support for Market Stability","author":"","date":"July 27, 2020","format":false,"excerpt":"The OPEC-Gabon Bilateral Meeting that took place on July 24th has sent yet another signal of the strong dialogue and cooperation between OPEC and African producing countries. Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC\u2019s African member\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Gabon-Oil.jpg?fit=461%2C624&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9956,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-equatorial-guinea-sign-mou-to-consolidate-new-opportunities-for-the-hydrocarbons-sector\/","url_meta":{"origin":8286,"position":5},"title":"Nigeria, Equatorial Guinea Sign MoU to Consolidate New Opportunities for the Hydrocarbons Sector","author":"","date":"February 23, 2021","format":false,"excerpt":"H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea met with H.E. Timipre Sylva, Minister of Petroleum Resources of Nigeria at the presidential palace in Malabo intending to strengthen bilateral relations between the two countries. The meeting included a signing of a memorandum of understanding (MoU)\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/d655286fe53bbce26465dfd9d466582e.jpeg?fit=800%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/d655286fe53bbce26465dfd9d466582e.jpeg?fit=800%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/d655286fe53bbce26465dfd9d466582e.jpeg?fit=800%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/d655286fe53bbce26465dfd9d466582e.jpeg?fit=800%2C600&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=8286"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8286\/revisions"}],"predecessor-version":[{"id":8287,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8286\/revisions\/8287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8109"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=8286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=8286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=8286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}