OPEC and its allies, led by Russia, a group known as OPEC+, agreed in December 2019 to a collective cut in output of 1.7 million barrels per day until the end of March. Oil moved higher on Friday as OPEC and its allies agreed to deepen oil production cuts to 500,000 barrels a day through to March 2020. This brings the total production cut to 1.7 million barrels a OPEC has granted Nigeria a higher oil output target under an OPEC-led deal to limit oil supply in a move unannounced by the group, following efforts by Africa's largest exporter to tweak the Iraq, OPEC’s second-largest oil producer, pledged on Thursday to reduce output by 175,000 bpd by October, while Nigeria is to reduce supply by 57,000 bpd. Nigeria’s oil production threatened as OPEC mulls further output cuts on Coronavirus spread Feb 4, 2020 There are indications that the Organisation of Petroleum Exporting Countries (OPEC) may cut oil production as it meets today and tomorrow in Vienna, Austria, to discuss options to mitigate the impact of a loss of demand arising from the deadly coronavirus outbreak. Iraq, OPEC's second-largest oil producer, pledged on Thursday to reduce output by 175,000 bpd by October, while Nigeria is to reduce supply by 57,000 bpd.
Saudis Are Ready to Cut Oil Output Deeper, Nigeria Minister Says. Nayla Razzouk and Manus Cranny, Bloomberg News. (Bloomberg) -- Sign up to our Next
Iraq, OPEC’s second-largest oil producer, pledged on Thursday to reduce output by 175,000 bpd by October, while Nigeria is to reduce supply by 57,000 bpd. Nigeria’s oil production threatened as OPEC mulls further output cuts on Coronavirus spread Feb 4, 2020 There are indications that the Organisation of Petroleum Exporting Countries (OPEC) may cut oil production as it meets today and tomorrow in Vienna, Austria, to discuss options to mitigate the impact of a loss of demand arising from the deadly coronavirus outbreak.
Iraq, OPEC’s second-largest oil producer, pledged on Thursday to reduce output by 175,000 bpd by October, while Nigeria is to reduce supply by 57,000 bpd.
Nigeria has promised to reduce its oil production by 57,000 bpd. In August, Nigeria pumped 1.866 million bpd, up by 86,000 bpd from July, according to OPEC’s secondary sources that the cartel uses Adewale Sanyaolu with agency reports There are indications that the Organisation of Petroleum Exporting Countries (OPEC) may cut oil production as it meets today and tomorrow in Vienna, Austria
Meanwhile, for Nigeria OPEC’s crude production cuts might be good for the country as it seeks increased revenue to diversify its economy and improve the lives of the citizenry. Current oil price stands at $69.42 per barrel which is higher the budget benchmark of $60 per barrel.
13 Mar 2002 Shell and TotalFinaElf see their oil production cut in Nigeria as the country follows quotas set by the Opec oil cartel. 7 Dec 2016 The agreement involves a cut in output of 1.2 However Libya and Nigeria have been OPEC's strategy to cut oil production is supported. 1 Jul 2019 OPEC and other allied major oil producers have agreed to extend crude oil production cuts for nine months, a move designed to keep oil prices
Nigeria’s Crude Oil: Production data is updated monthly, averaging 1,955.000 Barrel/Day th from Jan 2002 to Feb 2020, with 218 observations. The data reached an all-time high of 2,496.000 Barrel/Day th in Nov 2005 and a record low of 1,419.000 Barrel/Day th in Aug 2016.
7 Dec 2019 Saudi Arabia has been carrying out the largest share of production cuts, but Russia and others, including economically ailing Iraq and Nigeria, 4 Dec 2019 Nigeria's compliance has improved since August, production of crude stood close to 1.8 million b/d in October, much lower than the 1.96 million 6 Nov 2019 The effort is aimed at bolstering oil prices and reminding potential Aramco of the Petroleum Exporting Countries to make deeper oil-production cuts by Nigeria has agreed to improve compliance and lobby other African 7 Dec 2019 The powerful OPEC group of oil producers and its allies reached a deal below its quota other producers — including Russia, Iraq and Nigeria 12 Sep 2017 Nigeria to resist cuts to its oil output, minister says. Emmanuel Kachikwu says country needs more time before joining Opec supply deal. 6 Mar 2020 The Organisation of Petroleum Exporting Countries (OPEC) Thursday agreed to another cut in production adding up to 1 million barrels per day 7 Feb 2020 “Nigeria is still hopelessly dependent on crude oil and so anything that the the cartel will recommend further cuts to oil output in an effort to