Producers hopeful of $50 oil cost, business sustainability from cuts Business

Although OPEC concurred at the weekend to extend 9.7 million barrels cuts in daily crude oil production through completion of July, providing oil rates some support, operators in the exploration market are enthusiastic that the cuts would be sustained to help production and organisation sustainability. In the course of international lock down, the occurring energy imbalance impacted oil manufacturers and rates such that service sustainability was threatened and capability to service over N3.4 trillion loans damaged. With the lock down raised and oil costs rebounding, African Energy Chamber thinks that…

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