OPEC Quota Restriction: Nigeria cuts oil output by nearly a quarter

In line with an agreement among producers to curb output and battle a global glut, OPEC member, Nigeria has reduced her oil production , according to Nigeria’s Minister of State for Petroleum, Timipre Sylva.

“The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of the country’s production.

The Organization of the Petroleum Exporting Countries or OPEC and others led by Russia agreed in April to a record output reduction of 9.7 million bpd for May and June as the coronavirus pandemic has slashed demand.The Organization of the Petroleum Exporting Countries and others led by Russia agreed in April to a record output reduction of 9.7 million bpd for May and June as the coronavirus pandemic has slashed demand.

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Under the deal, Nigeria should cap production at 1.41 million bpd in May and June. These measures should aid the increase of oil prices which had dipped considerably since the coronavirus pandemic led to export decline in many countries.

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