Nigeria 1.6-1.7m bpd oil output, in line with OPEC cut, says NNPC
NEWS DIGEST–Nigeria is producing 1.6 million – 1.7 million barrels per day (bpd) of crude oil, the chief operating officer of the Nigerian National Petroleum Corporation said on Wednesday, adding that the country would continue to comply with OPEC output cuts.
“The last quota put us at 1.7 million bpd and we are committed to that threshold. Our current production with the cuts is between 1.6 and 1.7 million barrels per day for November,” Roland Ewubare (CEO, Upstream) said on the margins of an oil conference in the United Arab Emirates.
Nigeria’s output of crude and condensate is at two million bpd, he said.
OPEC had granted Nigeria a higher output target under an OPEC-led deal to limit supply following efforts by Africa’s largest exporter to tweak the agreement to accommodate its expanding oil industry.
Nigeria started participating in the deal this year, having been granted an exemption from previous OPEC cuts due to militant attacks that reduced the country’s output.