Angola Kowtow OPEC’S Cuts Extension for Oil Reduction
By Abdul Rahman Suagibu – NEW AFRICA DAILY NEWS, Freetown, Sierra Leone- Angola is in total support of the extension of the deadline for oil production cuts set by organization of Petroleum Exporting Countries (OPEC) and non-member countries by another nine months. The influence head minds in the sector indicates the “welcome”, coming at a time Angola has already seen output tumble, suggest the support for the OPEC scheme is merely a papering over the harsh cracks around the new administration’s struggles to revitalize the industry. In December, major oil producers reached a deal to cut oil production and boost the market amid an oversupply of the commodity knocking down prices. The oil producers has bent on the profitability on the sector in a bid to revamp its effectiveness until...
Posted On 10 Jul 2019
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