Austria
The Organization of the Petroleum Exporting Countries, OPEC, failed to agree on an official oil production cap.
Following a meeting by top global oil producers in Vienna, Austria on Thursday, OPEC maintained its status quo.
The biannual meeting was held to also discuss a strategy of overcoming a supply glut that has sent oil prices to record lows.
Meanwhile, Iran has made its intentions clear of adding its production since February after Western powers lifted sanctions against the major oil producer.
During the meeting, Nigeria’s Mohammed Sanusi Barkindo was appointed as Secretary-General succeeding Libya’s Abdalla Salem El-Badri.
The members also approved Gabon’s request to rejoin the organisation from July. This will rise the number of OPEC members to 14.
Oil production and prices remain the cornerstone of Africa’s biggest economy, Nigeria.
Two of Africa’s biggest oil producers, Nigeria and Angola have been adversely affected by the oil prices which have dropped amid a global supply glut.
OPEC supplies about 40 per cent of the world’s oil, pumping 32.5 million barrels per day.
Press Agencies
01:03
Mozambique: former finance minister on trial in US
01:07
Russia and Iran to continue cooperation with new Iranian govt
01:50
Head of UN migration agency says it has secured billions in new funding
00:50
Gabon says payment dispute with World Bank resolved
Go to video
Envisioning Africa’s Economic Prospects | Keynote delivered by Dr. Akinwumi A. Adesina
01:59
Angola’s 10th edition of banana fair comes to an end