Nigeria Exceeds OPEC+ Oil Output Cut Quota

June 10, 2020

Offshore rigs in Africa - Credit: Jan / AdobeStock
Offshore rigs in Africa - Credit: Jan / AdobeStock

Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday.

Nigeria had exceeded its quota for production cuts under an OPEC+ deal by a little less than 100,000 barrels per day (bpd) in May, Kyari said in an online interview with Dubai-based research firm Gulf Intelligence.

Africa's top oil exporter aims to reach full compliance by "maximum, middle of July", Kyari said, adding the country will at that point need to cut an additional 40-45,000 bpd in order to compensate for its earlier over-production. 

(Reporting by Noah Browning, editing by Louise Heavens)



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