• Nigeria To Reach OPEC+ Compliance by Mid-July

  • Jun 11 2020
  • Length: 3 mins
  • Podcast

Nigeria To Reach OPEC+ Compliance by Mid-July

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  • Summary

  • The head of the Nigerian National Petroleum Corporation Mele Kyari on Wednesday said 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 by mid-July. Kyari said in an online interview with Dubai-based research firm Gulf Intelligence said 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. He said Africa’s top oil exporter aims to reach full compliance by maximum, middle of July adding that the country will by that point need to cut an additional 40,000-45,000 bpd in order to compensate for its earlier over-production. Kyari said there had been technical challenges to reining in Nigeria’s output but the country was fully committed to the cuts. Learn more about your ad choices. Visit megaphone.fm/adchoices
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