Nigeria will start generating 1,412 to 1,579 million bpd, Minister says

This is in addition to condensate production of between 360-460 KBOPD of which are exempt from OPEC curtailment
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Chief Timipre Marlin Sylva Honourable Minister of State for Petroleum Resources, Nigeria

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.

U.S. intervention contributed, according to the minister, to Mexico committing to a 100 KBOPD reduction and being complemented by U.S. companies with an additional 300 KBOPD.

“This will enable the rebalancing of the oil markets and the expected rebound of prices by $15 per barrel in the short term.


“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.

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