Nigeria Exceeds OPEC+ Oil Output Cut Quota

Noah Browning
Wednesday, June 10, 2020

Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday.

Nigeria had exceeded its quota for production cuts under an OPEC+ deal by a little less than 100,000 barrels per day (bpd) in May, Kyari said in an online interview with Dubai-based research firm Gulf Intelligence.

Africa's top oil exporter aims to reach full compliance by "maximum, middle of July", Kyari said, adding the country will at that point need to cut an additional 40-45,000 bpd in order to compensate for its earlier over-production. 

(Reporting by Noah Browning, editing by Louise Heavens)

Categories: Energy Activity Oil Production Africa

Related Stories

LR and SHI Join Forces for Green Ammonia FPSO System

Bourbon to Support Oil and Gas Major’s Drilling Campaign Off Namibia

Spiralis Energy Scoops $1M Investment to Advance Tidal Energy Tech

Current News

MSE Int'l Wins Funding for Port Recharging Project

EIA: US Crude, Gasoline Inventories Rise

ExxonMobil Pulls Out from Block Offshore Suriname

Vard Secures Five Vessels Order for Oil and Gas Sector

Subscribe for OE Digital E‑News