Nigeria has agreed to cut its crude oil output when production reaches 1.8 million barrels per day inline with the directive of the Organisation of Petroleum Exporting Countries (OPEC).
OPEC on Monday called on several members to ensure compliance with production cuts to help clear excessive global stocks and support flagging prices.
The group has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million bpd from January 2017 until the end of March 2018.
Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest.
Crude oil production from Nigeria increased to 1.663 million bpd in June from 1.494 million bpd in May, based on direct communication, according to OPEC’s latest monthly oil market report.
The Joint OPEC-non-OPEC Ministerial Monitoring Committee met in St. Petersburg on Monday for its fourth meeting to review the June 2017 report as well as the first six months of the Declaration of Cooperation, as submitted by the Joint OPEC-non-OPEC Technical Committee.
NNN.COM.NG is a portal where you can read latest Nigeria News from all Nigeria
Newspapers such as such as Punch, Vangaurd, Daily Times, Thisday, Guardian, Nation, Leadership and more in one place. NNN aggregates Naija News and sort them according to their sources, category and relevance as a way of reducing the effort a news reader needs to put in to reading breaking news in Nigeria and across the world.
powered by sue.ng a legal search engine