Following the recent OPEC meeting to curb demand, Nigeria's State
Minister for Petroleum Resources, Chief Timipre Sylva, officially
announced that Nigeria has joined its other OPEC+ counterparts in
enforcing the agreement to cut production by 9.7 million barrels
following alignment with Mexico.
“This also promises an appropriate balancing of Nigeria’s 2020 budget that has been rebased at $30 per barrel.
“As agreed, Nigeria will join OPEC+ to cut supply by 9.7 Million Barrels per day between May and June 2020, Eight (8) Million Barrels per day between July and December 2020 and Six (6) Million barrels per day from January 2021 to April 2022, respectively.
“Based on the reference production of Nigeria of October 2018 of 1.829 Million Barrels per day of dry crude oil, Nigeria will now be producing 1.412 Million Barrels per day, 1.495 Million Barrels per day and 1.579 Million Barrels per day respectively for the corresponding periods in the agreement.
“This is in addition to condensate production of between 360-460 KBOPD of which are exempt from OPEC curtailment,” the minister said.