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