Nigeria ready to compensate for overproduction
Nigeria is committed to making up for underperforming its obligations under the OPEC+ may-June deal between July and September.
Nigeria is ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, Report says, citing RIA Novosti.
“Nigeria reconfirms our commitment under the existing agreement,” Nigeria’s Ministry of Petroleum Resources said in a statement on Twitter ahead of talks between OPEC and its allies.
It also “subscribes to the concept of compensation by countries who are unable to attain full conformity (100%) in May and June to accommodate it in July, August, and September.”
Earlier, OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of global production, in May and June to lift prices battered by plunging demand linked to lockdown measures aimed at stopping the spread of the coronavirus. However, the critical point in making this decision is full compliance with all their obligations, including the traditional violators: Iraq, Nigeria, and Kazakhstan.