General

OPEC readmits Equatorial Guinea.

Equatorial Guinea, which is Africa’s third-biggest oil producer, had in January indicated that it wanted to become an OPEC member.

 

Meanwhile; OPEC has decided to extend cuts in oil output for a further nine months, as part of efforts to raise prices.

But Nigeria and Libya are excluded from cuts as their output remains curbed by unrest.

A similar decision to curb production five months ago failed to increase prices as OPEC members had hoped.

 

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