Nigeria may soon join the OPEC oil output cut deal

An article carried by Daily Trust on Tuesday, highlighted that Nigeria is closer to join the oil output cut deal reached by the OPEC, following the continuous recovery of the country’s crude oil production.

Key Quotes:

“Nigeria, which is exempt from the current OPEC cuts, alongside Libya and Iran, has witnessed improvement in oil production to its highest level in more than a year.

Oil production tumbled to 30-year lows of around 1.2m barrels per day (b/d) in 2016, from 2.2m b/d, as attacks on oil facilities in the Niger Delta increased.

But following extensive engagement with militants by the Federal Government, as well as the return of the Forcados terminal, a key Nigerian crude oil pipeline, production has lifted export towards the 2 million b/d mark and is expected to increase even further.

With production now near its full capacity of 2.2m b/d, Nigeria could be asked to join the OPEC cut deal.”