Nigeria To Compensate For Overproduction As OPEC, OPEC+ Agree To Extend Oil Output Cuts
The Federal Government has agreed to make additional oil production cuts from July to September, after producing about 120,000 barrels per day more than its agreed quota for May and June.
“In light of these facts, and in view of current fundamentals, all member countries agreed to the five key elements in reaching their unanimous decision, which will be recommended to non-OPEC participating countries.2. “Subscribed to the concept of compensation by those countries who were unable to reach full conformity in May and June, with a willingness to accommodate it in July, August and September, in addition to their already agreed production adjustment for such months.
5. “Agreed without dissent that the full and timely implementation of the agreement remains inviolable, based on the five key elements. Meanwhile, Iraq’s Ministry of Oil spokesperson, Assem Jihad, said in a statement, agreed to extra cuts but did not reveal how the government would reach agreement with oil majors on curbing output.
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