Nigeria to maintain crude output as cut extended

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Dr Emmanuel Ibe Kachikwu, NNPC 

Nigeria will maintain its crude output of 2.2 million barrels per day, according to the outcome of the Organisation of Petroleum Exporting Countries (OPEC) meeting in Vienna.

This was disclosed at the 172nd ordinary OPEC meeting in Austria.

More than 20 OPEC and non-OPEC countries, in November 2016, agreed to collectively cut production by 1.8 million barrels a day in an effort to reduce the global supply glut that stalled crude oil prices.

The deal, which began on Jan. 1, was to end in June but has been extended to the first quarter of 2018.

READ: Equatorial Guinea joins OPEC

Nigeria was exempted from the cut as at then due to activities of militants in the Niger Delta region.

Nigeria’s Minister of State for Petroleum, Dr Ibe Kachikwu, had at the Offshore Technology Conference in Texas, announced that he would push for an extension at the…

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