Saudi Energy Minister Prince Abdulaziz bin Salman on Thursday at a meeting of OPEC ministers congratulated Nigeria on fully implementing the compensation cuts to make up for oil overproduction
MOSCOW (Pakistan Point News / Sputnik - 04th March, 2021) Saudi Energy Minister Prince Abdulaziz bin Salman on Thursday at a meeting of OPEC ministers congratulated Nigeria on fully implementing the compensation cuts to make up for oil overproduction.
Nigeria, which is the largest oil producer in Africa, is one of the OPEC member states that have struggled to comply with the oil cuts established by the organization. This year, the Western African country will celebrate its 50th anniversary of being an OPEC member.
"I sincerely congratulate Nigeria on completing the compensation [for oil overproduction]," bin Salman said.
The OPEC+ alliance has established a mechanism, which allows those members, who failed to comply with the oil production quotas, to compensate for their shortcomings later, in accordance with their plan. In January, Nigeria's Minister of State for Petroleum Resources Timipre Sylva said that the country intends to fully offset shortcomings with the OPEC+ oil production cuts by March.
