The regulations of oil production among OPEC countries will not be affecting Nigeria following a meeting held today by the
international oil regulating body.
Nigeria will maintain it’s output of 2.2 million barrels per day, according to the outcome of the Organisation of Petroleum
Exporting Countries (OPEC) meeting in Vienna.
This was disclosed at the 172nd ordinary OPEC meeting in Austria.
More than 20 OPEC and non-OPEC countries, in November 2016, agreed to collectively cut
production by 1.8 million barrels a day in an effort to reduce the global supply glut that
stalled crude oil prices.
The deal, which began on Jan. 1, was to end in June but has been extended to the first quarter of 2018.
Nigeria was exempted from the cut as at then due to activities of militants in the Niger Delta region.
Nigeria’s Minister of State for Petroleum, Dr Ibe Kachikwu, had at the Offshore Technology Conference in Texas, announced
that he would push for an extension at the high-level meeting.
OPEC comprises 13 nations which collectively account for 40 per cent of global oil production, 73 per cent of the world’s oil
reserves and set the tone for happenings in the oil industry.
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