Members and non-members of the organisation had first agreed on the production cut in December 2016 to ease the supply glut in the market. This caused prices to fall as low as $29 in January 2016.
As of noon on Monday, Brent crude was trading at $57.57 per barrel, an increase of $1.15 from Friday’s trading price of $56.42.
US West Texas Intermediate was trading at $50.91 per barrel, an increase of 29 cents from Friday’s trading price of $50.62 a barrel.
The joint ministerial monitoring committee of OPEC and non-OPEC countries which held in Vienna on Friday had agreed that the original agreement be maintained.
Some countries had expressed concerns about increasing output from Nigeria and Libya.
Emmanuel Kachikwu, minister of state for petroleum resources, who led Nigeria’s delegation to the meeting, argued that though Nigeria’s production recovery efforts have made some appreciable progress since October last year, Nigeria is not yet out of the woods.
“OPEC’s actions are working and compliance is acceptable overall, although there needs to be some change. Changes are really related to Libya and Nigeria and the 100 percent compliance of everyone,” Bijan Zanganeh, Iran ‘s oil minister, told journalists on Friday.
However, he did not elaborate on the kind of changes to be made. SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>