August 12, 2022

OPEC+ Extends First Phase Production Adjustment Till End July 2020

1 min read

Nigeria will continue collaborating with other OPEC+ Nations in the historic efforts to adjust crude oil production towards rebalancing and stabilizing the global crude oil market for the benefit of all.

In a press release signed by the GGM/SA Media to Honourable Minister of State for Petroleum Resources, Garba Deen Mohammad, he said that Nigeria reaffirms its commitment, alongside its OPEC+ counterparts to extend the first phase of the production adjustments of 9.7 mb/d by one month until the end of July, 2020.

The statement read, “Nigeria also subscribes to the concept of compensation by countries that are unable to attain full conformity (100%) in May and June 2020 to compensate for it in July, August and September 2020.

“We are in full alignment with the decision to closely monitor the market dynamics and it is our conviction that the current gradual recovery being witnessed will be sustained to full traction.

“We reiterate our resolve to conform with the decisions reached under the auspices of the 11th OPEC/non-OPEC Declaration of Cooperation meeting.

“Nigeria appreciates the commitment of OPEC+ Group under the able leadership of Saudi Arabia and Russia towards ensuring the success of this historic intervention, the statement concluded.

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