Nigeria to maintain crude output as OPEC extends crude cut

Nigeria to maintain crude output as OPEC extends crude cut

Nigeria will maintain it’s output of 2.2 million barrels per day, according to the outcome of the Organisation of Petroleum Exporting Countries (OPEC) meeting in Vienna.

This was disclosed at the 172nd ordinary OPEC meeting in Austria.

More than 20 OPEC and non-OPEC countries, in November 2016, agreed to collectively cut production by 1.8 million barrels a day in an effort to reduce the global supply glut that stalled crude oil prices.

The deal, which began on Jan. 1, was to end in June but has been extended to the first quarter of 2018.

Nigeria was exempted from the cut as at then due to activities of militants in the Niger Delta region.

Nigeria’s Minister of State for Petroleum, Dr Ibe Kachikwu, had at the Offshore Technology Conference in Texas, announced that he would push for an extension at the high-level meeting.

OPEC comprises 13 nations which collectively account for 40 per cent of global oil production, 73 per cent of the world’s oil reserves and set the tone for happenings in the oil industry.

(Source: NAN)