Nigeria Restates Commitment to OPEC+ Oil Production Cut Resolutions.

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he Federal government of Nigeria has restated its commitment to the April 2020 Oil Production cut agreement by OPEC+ Members. This was contained in a statement released by the Honorable Minster of State, Petroleum Resources, Chief Timipre Sylva.

Oil-producing countries under the aegis of OPEC+ had in April 2020 resolved to reduce daily output by a cut of 9.7 mb/d. The move was aimed at halting a further drop in the global price of crude oil as a result of the Corona Virus pandemic.

According to NNPC data, Nigeria in the month of May reduced its production to 1.613 mbd as against the1.829 mb/d originally earmarked representing a compliance rate of about 52%. This percentage of compliance is however opposed to the 19% reported by Thompson Reuters (TR). It is instructive to note that the Agbami and Akpo figures reported by Thompson Reuters are classified as condensates, and as such, are excluded for quota determination.

More instructive to note is that Nigeria’s current daily production is below the commitment level of 1.412 mb/d which consequently will translate to full compliance by the end of June, 2020.

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