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Wednesday, 7 December 2016

UPDATE 1-OPEC deal will go ahead even if only Russia commits - Nigeria oil min | Reuters

UPDATE 1-OPEC deal will go ahead even if only Russia commits - Nigeria oil min | Reuters:
"OPEC's deal to cut oil production will go ahead even if Russia becomes the only non-OPEC country to commit to reduce output at a meeting this week, Nigeria said on Wednesday, while the UAE voiced optimism that other producers would participate.

OPEC agreed last week to slash output by around 1.2 million barrels per day beginning in January in an effort to reduce global oversupply and prop up oil prices. It hopes non-OPEC countries will contribute a further 600,000 bpd of cuts. Russia has said it will reduce output by around 300,000 bpd.

"Yes, we will go ahead, but we will continue to work on the rest to come onboard," Nigerian Oil Minister Emmanuel Ibe Kachikwu said when asked whether OPEC was ready to go ahead with the production agreement even if only Russia committed to cut."

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