Nigeria overshot output quota for May & June
The Organisation of Petroleum Exporting Countries and allies led by Russia known as OPEC+ have agreed to reduce crude production output in order to prop up prices in the face of the COVID-19 pandemic which has reduced global demand by more than a third.
As part of this arrangement, OPEC has assigned Nigeria 1.412 million barrels per day output quota for May, June and July and it will comply with this arrangement, says Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva.
Sylva stated this on Thursday during a webinar organised by Nigerian oil company, Seplat.
We reported in June that Nigeria overshot its crude production quota in May and June, and must cut production from July through September in order to escape an OPEC sanction.
The Minister had at the time said the country was ready to make additional output cuts after OPEC and its allies implemented a deal to curb supply by record amounts.