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Nigeria Cutting Oil Output By Nearly A Quarter

ABUJA, May 15 (Reuters) – OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output, Minister of State for Petroleum Timipre Sylva said.

“The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of our production. And of course, as at the end of April, we have complied,” Sylva said on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and others led by Russia agreed in April to a record output reduction of 9.7 million bpd for May and June as the coronavirus pandemic has slashed demand.

Under the deal, Nigeria should cap production at 1.41 million bpd in May and June.

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