FG Pledges Compliance with OPEC Output Cut via thisdaylive
The federal government has expressed its readiness to abide by the resolutions reached by the Organisation of Petroleum Exporting Countries and non-member partners on Saturday to extend crude oil output cuts.
The oil cartel, led by Saudi Arabia, however, pressured defaulting countries, including Iraq, Nigeria, Angola, Kazakhstan, who have now agreed to compensate for their inability to meet their quota by making deeper cuts in the next three months. “Nigeria will continue collaborating with other OPEC+ nations in the historic efforts to adjust crude oil production towards rebalancing and stabilising the global crude oil market for the benefit of all.
The cut for Nigeria during the April deal was about 417,000 barrels per day , which is about 23 per cent of its production. But for May, the country was only able to reduce daily production by just over 200,000 barrels per day.
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