Iraq and Nigeria agree to cut oil output as per Opec requirements
Iraq and Nigeria have been producing above agreed levels since the Opec-led supply cut started in January as US output soars
12 September 2019 - 13:56
Abu Dhabi — Oil cartel Opec agreed on Thursday to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets as the group strives to prevent a glut amid soaring US production and a slowing global economy.
Oil prices have dropped below $60 a barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela...
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