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OPEC Output Limit: Nigeria has achieved 100% compliance since November – Sylvia

Nigeria’s compliance level had witnessed tremendous progress month by month since August resulting in 100 per cent compliance in November.

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Minister for Petroleum Resources, Timipre Sylva (Photo: Vanguard News)

Nigeria is committed to the full implementation of the output agreement entered with the Organisation of Petroleum Exporting Countries (OPEC) and 10 Non-OPEC Member States.

This is according to the Minister of State for Petroleum Resources, Chief Timipre Sylva who says Nigeria has met the 100 per cent target agreement since November this year.

Sylva said this in a statement issued by his Spokesman, Alhaji Garba Muhammad in Abuja on Sunday.

OPEC and 10 Non-OPEC Member States are also known as the OPEC plus or the Declaration of Cooperation (DoC) Countries.

The minister spoke in a teleconference with the Chairman of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) and Minister of Energy of the Kingdom of Saudi Arabia, Prince Abdulaziz Bin Salman Bin Abdulaziz Al-Saud and some other DoC Ministers.

He recalled that at the last meeting of the JMMC held in September, in Abu Dhabi, he assured that Nigeria would within three months be 100 per cent compliant with the Agreement that it had voluntarily entered.

Sylva said that in fulfilment of that pledge, Nigeria’s compliance level had witnessed tremendous progress month by month since August resulting in 100 per cent compliance in November.

The minister commended member countries of the DoC that had consistently met and even exceeded their targets of production cuts.

He attributed the successes achieved in bringing stability to the oil market to the whole group but especially due to the extra efforts of these countries.

OPEC ministers will meet among themselves in Vienna on December 5, and then meet non-OPEC members on December 6, to decide what to do about the current agreement to limit output, which expires in March, Sylva said in the statement.

Also, read Dangote refinery takes delivery of world's largest crude refining equipment

The meeting in Vienna would also review the outlook for the oil market for the first half of 2020.

The statement said demand was set to ease next year while production from non-members could rise, confronting OPEC with a decision about whether to cut output harder to support prices.

Sylva said OPEC member countries had consistently met and exceeded their targets for production cuts, and that Nigeria had achieved 100% compliance in November. This had brought stability to oil markets, he said.

Nigeria’s crude production in the third quarter stood at 2.04 million barrels per day, its highest since the first quarter of 2016, which helped its economy grow 2.28% in the three months to September, according to the National Bureau of Statistics, NBS.

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