Nigeria Exceeds OPEC+ Oil Output Cut Quota

Published

Offshore rigs in Africa - Credit: Jan / AdobeStock
Offshore rigs in Africa - Credit: Jan / AdobeStock

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)

Current News

AF Offshore Secures North Sea Decom Job

AF Offshore Secures North Sea

Island Offshore’s Hybrid OECV Hits Water at Vard Yard in Romania (Video)

Island Offshore’s Hybrid OECV

Jumbo Offshore Wraps Up Errea Wittu FPSO Mooring Pre-Lay in Guyana

Jumbo Offshore Wraps Up Errea

Petronas Takes Operatorship of Oman’s Offshore Block 18

Petronas Takes Operatorship of

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine