Categories: Business

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.

ALSO READ: Supreme Court to give reasons for dismissing Atiku’s appeal against Buhari Friday

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.

Recent Posts

Niger Delta: Stakeholders unite to drive inclusive petroleum industry act implementation

In a groundbreaking series of stakeholder engagements across the Niger Delta, communities, traditional leaders, civil…

13 minutes ago

Kano gov commends emergency agencies for averting tanker fire

Kano Governor, Abba Kabir Yusuf, has commended emergency agencies for their swift response in averting…

28 minutes ago

Kogi: Abducted 97-year-old monarch regains freedom

97-year-old Kogi monarch, the Obalohun of Okoloke, Oba James Dada Ogunyanda has regained his freedom…

47 minutes ago

June 12: ZLP reaffirms unwavering commitment to building brighter future for Nigerians

Also, progress by promoting economic growth, social justice, and human development as well as accountability…

55 minutes ago

Democracy Day: Okpebholo, Ododo task Nigerians on democratic principles

As Nigerians commemorated June 12, Democracy Day, Edo State Governor, Monday Okpebholo, and Kogi State…

1 hour ago

Cross River govt set to transform cocoa, coffee industries

Cross River State Government has launched an ambitious strategy to transform its cocoa and coffee…

2 hours ago

Welcome

Install

This website uses cookies.