Saturday, 23 September 2017

OPEC Extends Nigeria’s Exemption From Oil Output Cut

The meeting of the joint ministerial monitoring committeeof OPEC and non-OPEC countries ended in Vienna, today with the endorsement of further exemption for Nigeria’s crude oil production until it stabilises.

Nigeria’s Minister of State For Petroleum Resources, Dr Emmanuel Ibe Kachikwu, told the meeting that although the country’s production recovery efforts have made some appreciable progress since October last year, it is not yet out of the woods.Dr kachikwu explained that Nigeria will be prepared to limit its crude production when the output stabilises at 1.8 million barrels per day.

The five-nation joint ministerial monitoring committee noted that overall compliance by OPEC and non-OPEC participating countries to the agreement on crude oil production cut for the month of August was 116 percent, the highest since the agreement came into effect on January this year.