Project 9ja Mag The Revolution. 1st Edition | Page 53

ria and other countries like Libya, were
therevolution
adjusted for, by an “effective” spare ca-
pacity by OPEC, which was 3.5million
barrels per day ( 560000 m3/d ), and
that this number is likely to surge up to a
peak in 2017 of 4.6million barrels per day
( 730000 m3/d ).

In conclusion, OPEC as an as-
sociation has not been perfect though,
as their short term plans has caused a
continuous stream of fluctuations in oil
rates and often dramatic rises in these
prices. Similarly, conflicts have emanat-
ed from the cartel both locally (Nigeria)
and globally. Examples include the Six-
day war (1967), Yom Kippur war (1973),
and locally, the conflict in the Niger Delta
(2004-present). Nonetheless, OPEC has
been able to mediate in such instanc-
es and ensure cohesion amongst mem-
ber-states, and ensure steady supply and
steady income, thereby enriching oil pro-
ducing economies.
page 53
Statistics of the Nigerian Oil and gas sector, as revealed by the Annual-
Statistical Bulletin 2018