Nigeria’s daily crude output steadies at 1.6 to 1.7mbpd

Nigeria’s daily crude oil output steadies at between 1.6 million to 1.7 million barrels per day (bpd) of crude oil, in compliance to output cuts by members of Organization of Petroleum Exporting Countries plus (OPEC+).

The Chief Operating Officer of the Nigerian National Petroleum Corporation (NNPC), Roland Ewubare, stated this on Wednesday, during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the United Arab Emirates (UAE).

Ewubare added 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,” he said.

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He said Nigeria’s output of crude and condensate is at two million bpd.

OPEC+ had granted Nigeria a higher output target under an OPEC-led deal to limit supply following efforts by Nigeria to tweak the agreement to accommodate its expanding oil industry.

Nigeria has been exempted from the previous crude cuts agreement due to spate of militancy and internal security it was experiencing at the time.

However, the exemption was lifted and Nigeria started participating in the deal this year.

OPEC+ includes Russia and the following 14 member countries: Nigeria, Saudi Arabia, Iraq, Iran, Venezuela, Kuwait, Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Libya and UAE.