OPEC Accord: Nigeria to Maintain 100% Compliance

oil rig
  • OPEC Accord: Nigeria to Maintain 100% Compliance

Nigeria’s Minister of State for Petroleum, Timipre Sylva said the nation achieved 100 percent compliance on production cuts in November.

The minister disclosed on Sunday ahead of OPEC meeting in Vienna, Austria.

Sylva said he had told Prince Abdulaziz bin Salman, the Minister of Energy, Saudia Arabia, that the nation’s compliance had improved significantly since August. Prince Abdulaziz is the Chairman of OPEC and non-OPEC joint ministerial monitoring committee.

OPEC ministers will meet in Vienna on December 5 and meet non-OPEC members on December 6th to decide if to extend or increase the current production accord that expires in March 2020.

The cartel will also review crude oil outlook for the first half of 2020 during the meeting.

According to the statement released by Sylva’s ministry, “demand was set to ease next year while production from non-members could rise, confronting OPEC with a decision about whether to cut output harder to support prices.”

Nigeria’s oil production rose to 2.04 million barrels per day in the third quarter, the highest since the first half of 2016. The surged in oil production bolstered the nation’s oil sector during the quarter to expand by over 6 percent growth rate while the country’s GDP grew by 2.28 percent.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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