OPEC is no longer exempting Nigeria and Libya from the crude production cut.
As part of plans to check supply glut, it has cut Nigeria’s production quota to 1.68 million barrels per day for the first half of next year.
OPEC and 10 non-OPEC countries agreed about two weeks ago to cut oil production by 1.2 million bpd, which will last for six months, effective from January.
This is expected to boost weakening market fundamentals.
Advertisement
The breakdown shows Nigeria’s oil production is to be cut by 53,000 barrels per day.
Related posts:
OPEC’s Barkindo says oil demand to hit 100 mln bpd ‘much sooner’ than projected
OPEC, non-OPEC members meet August 7 on production cut
Nigeria’s Crude oil production hit two million bpd
Trans Forcados oil production increases to 75,000 bpd
Nigeria’s daily oil production drops to 1.08m bpd
Nigeria’s oil production rises to 1.6m bpd-NNPCL
Oil Production hits 1.35m bpd, highest in 2023
Oil rises ahead of OPEC meeting as further output cuts expected
