
Nigeria explains when it will fully comply with OPEC+ output cut
Nigeria has given the timeline for the implementation of the agreed OPEC+ output cut. The country has announced that it will implement all of the output cuts that were agreed by the middle of July at the latest.
This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, during a television interview with Bloomberg on Tuesday, June 9, 2020.
Kyari said, ‘’Definitely by the end of June, we’ll see full compliance from Nigeria. It will be done in the first half of July in the worst-case scenario. Over the past 10 days, the country has been cutting more than required under the OPEC+ pact.’’
Nigeria and Iraq had been accused of being unable to comply with the allocated output cut for May and June as were agreed in the OPEC+ deal as part of measures to help rebalance the oil market.
The alliance met over the weekend and agreed to extend the current output cut of 9.7 million barrels per day for an extra month. The latest agreement by the 23 nation alliance is hinged on promises from Nigeria and the other non-compliant members to make up for their past disregard of their output quota.
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