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COVID-19: OPEC slashes oil production [Business Africa]

Business Africa

<p><strong><span class="caps">OPEC</span>’s decision to cut oil production worldwide is yet another blow for oil-exporting countries. The organization now forecasts a global demand of 0.99 million barrels per day, compared to more than a million.</strong> </p> <p>This slash they say is because of the Coronavirus outbreak in China. The first victim of this downward revision is the aviation sector.</p> <h2 style="font-size:16px;">Gabon’s new oil exploitation</h2> <p><strong>Gabon remains resilient despite the <span class="caps">COVID</span>-19 crisis.</strong></p> <p>The country, which undoubtedly does not want to be influenced by the coronavirus outbreak, is in the middle of Tortue phase 2 operation, that will allow the production of larger quantities of oil in the coming years. </p> <p>At nearly 12,000 barrels of oil per year, it has started operating the offshore field located in the Dussafu.</p>