Nigeria has joined its other OPEC+ counterparts to
bring into effect the agreement to cut 9.7 Million Barrels of supply following
the alignment of Mexico.
According to a press release on Sunday, April 12th,
2020, by the Honourable Minister of State for Petroleum Resources, Chief Timipre
Marlin Sylva, he said that the intervention of the United States of America
resulted in Mexico agreeing to a cut of 100 KBOPD and to be complemented by an
additional 300 KBOPD by US Producers.
The statement read, "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 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 statement concluded.
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