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Friday, 22 September 2017 15:30

Nigeria to join OPEC deal

Nigeria to join OPEC deal

“Nigeria can join the OPEC+ oil output cutback deal by the end of March 2018”, said Minister of Oil of Nigeria Emmanuel Ibe Kachikwu, Caspian Energy News (www.caspianenergy.net) reports with reference to azertag.az.

Nigeria will be able to enter the OPEC+ deal as soon as it steadily produces 1.8 million barrels of oil per day, the minister said in the interview with Bloomberg TV.

Under OPEC+ deal’s terms, Nigeria is exempted from the obligation to cut production since the oil industry of this country has severely suffered from the activities of armed groups.

According to the OPEC MOMR for September, in August oil production in Nigeria increased by 138 thousand barrels per day to 1.86 million barrels per day in comparison with July. However, according to the minister, this indicator remains extremely volatile.

Today, the OPEC+ Ministerial Monitoring Committee will hold a regular meeting in Vienna to discuss the current implementation of the output cutback deal by its parties.

It bears reminding that during the session of the council of ministers held in Vienna on May 25, the oil producing countries agreed to extend the Vienna agreement on production cut for another 9 months – till end of the first quarter of 2018. The management of OPEC has approved the level of fulfillment of the agreement obligations both by its members and non-members.  According to the latest data, OPEC states have fulfilled their production cut obligations by 104% while non OPEC states did it by 102%.

More details: https://azertag.az/ru/xeber/Nigeriya_planiruet_prisoedinitsya_k_sdelke_OPEK_do_konca_marta_2018_goda-1095934

Person in charge of the newsline: Fidan Isayeva 

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