Nigerian NOC Says Will Stick to OPEC Production Quota Despite Current Low Compliance
The Nigerian National Petroleum Corporation (NNPC) will stick to the country's quota under the OPEC-non-OPEC oil output cut deal despite the state's current low compliance with the agreement, NNPC Group Managing Director Maikanti Kachalla Baru told Sputnik on Wednesday
LONDON (Pakistan Point News / Sputnik - 27th February, 2019) The Nigerian National Petroleum Corporation (NNPC) will stick to the country's quota under the OPEC-non-OPEC oil output cut deal despite the state's current low compliance with the agreement, NNPC Group Managing Director Maikanti Kachalla Baru told Sputnik on Wednesday.
Last week, the Nigerian government announced that Saudi Arabia had requested greater compliance with oil production cuts by Nigeria to stabilize the global oil market. In January, Nigeria produced 1.79 million barrels per day (mb/d), contrary to its quota of 1.
69 mb/d.
"In terms of OPEC and the quota, we will obey," Baru said, asked about Nigeria's oil production plans.
On December 7, participants of the OPEC-non-OPEC oil output cut deal agreed to reduce overall production by 1.2 million barrels per day starting from 2019, with a view of signing the charter on future long-term cooperation in the first quarter of 2019. OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day.