nigeria became a member of opec in 1971.
nigeria became a member of opec in 1971.
when did nigeria become a member of opec?
1971
during 1961–1975, the five founding nations were joined by qatar (1961), indonesia (1962–2008, rejoined 2014-2016), libya (1962), united arab emirates (originally just the emirate of abu dhabi, 1967), algeria (1969), nigeria (1971), ecuador (1973–1992, rejoined 2007), and gabon (1975–1994, rejoined 2016). by the early 1970s, opec's membership accounted for more than half of worldwide oil production. indicating that opec is not averse to further expansion, mohammed barkindo, opec's acting secretary general in 2006, urged his african neighbors angola and sudan to join, and angola did in 2007, followed by equatorial guinea in 2017. since the 1980s, representatives from egypt, mexico, norway, oman, russia, and other oil-exporting nations have attended many opec meetings as observers, as an informal mechanism for coordinating policies.
opec
as opec members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008. despite many political obstacles, a september 2016 decision to trim approximately 1 million barrels per day was codified by a new quota agreement at the november 2016 opec conference. the agreement (which exempted disruption-ridden members libya and nigeria) covered the first half of 2017 – alongside promised reductions from russia and ten other non-members, offset by expected increases in the us shale sector, libya, nigeria, spare capacity, and surging late-2016 opec production before the cuts took effect. indonesia announced another "temporary suspension" of its opec membership, rather than accepting the organization's requested 5 percent production cut. prices fluctuated around us$50/bbl, and opec in may 2017 decided to extend the new quotas through march 2018, with the world waiting to see if and how the oil inventory glut might be fully siphoned-off by then. longtime oil analyst daniel yergin "described the relationship between opec and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like."
opec