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Tuesday, 23rd January, 2018
 Nigeria   ::   News
OPEC loses $1trn to Fall in Oil Price in 2 Years
Mar 01, 2017
By: Mistura Salaudeen

The Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo, has revealed that member countries have lost one trillion dollars’ worth of oil revenue to the fall in global oil prices between 2014 and 2016.

Mr Barkindo added that these losses were in terms of deferred and outright cancellations of projects across its entire value chain.

Barkindo, who revealed this during a visit to the Minister of State for Petroleum, Doctor Ibe Kachikwu, commended his measures to solve Nigeria’s longstanding challenges with joint venture cash-call obligations.

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