Nigeria Met 2.3 Million Oil Production Assumption In August, Says IEA | Sahara Reporters Saudi Arabia remains the cornerstone of the deal, as it produced 600,000 fewer barrels per day than its production quota, IEA said in its monthly...READ MORE:
Nigeria produced more oil than its 2019 budget assumption of 2.3 million, as it registered an output of 2.386 million barrels of oil daily in August 2019, according to the International Energy Agency.
“Major countries Russia, Nigeria and Iraq, produced 0.6 million barrels per day more than their allocations. Saudi Arabia, on the other hand, produced 0.6 million barrels per day less than allowed and it is clearly the lynchpin of the whole deal,” it noted. OPEC predicted it would lead to a glut in the market which will translate to downward pressure on the price of a barrel of oil.
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