Nigeria achieves, exceeds target on crude production cut

Nigeria has consistently met and exceeded its crude oil production cut target which it voluntarily entered into as a member of the Organisation of Petroleum Exporting Countries, the Federal Government declared on Sunday.

It also gave assurances of its total commitment to the full implementation of the agreement entered into by OPEC and 10 Non-OPEC member states, known as the OPEC Plus or the Declaration of Cooperation countries.

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed these in a tele-conference with the Chairman of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee and Minister of Energy of the Kingdom of Saudi Arabia, Abdulaziz Salman, and some other DoC ministers.

Sylva, who Nigeria’s delegation to the OPEC conference, recalled his assurances to the last meeting of the JMMC held in September that within three months, Nigeria would be 100 per cent compliant with the agreement that it had voluntarily entered into.

He stated that in fulfilment of that pledge, Nigeria’s compliance level had witnessed tremendous monthly progress since August, resulting in 100 per cent compliance in November 2019 in terms of crude production cut.

The minister commended member countries of the DoC that had consistently met and even exceeded their targets of production cuts, adding that the successes achieved brought stability to the oil market.

Sylva said this was due to the contributions made by the whole group, especially due to the extra efforts of these DoC countries.
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