Nigeria Exceeds OPEC+ Oil Output Cut Quota

Published

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)

Current News

Amplitude Energy Takes Stake in Artisan Gas Field

Amplitude Energy Takes Stake i

SBM Offshore’s SWIR Technology Receives ABS Statement of Maturity

SBM Offshore’s SWIR Technology

Baker Hughes Expands Integrated Well Construction Contract with Petrobras

Baker Hughes Expands Integrate

Mexican Billionaire Slim Calls Pemex's Lakach Project “Irrational”

Mexican Billionaire Slim Calls

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine