December 7, 2022

OPEC+ MBD Agreement: Nigeria Will Continue To Fully Comply – Sylva

1 min read

Chief Timipre Sylva

Nigeria joined its other OPEC+ counterparts in April 2020 to bring into effect the agreement to cut 9.7 mbd that will ameliorate the current situation caused by the Covid-19 pandemic.

In a press release signed by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva, he said that Nigeria has made concerted efforts to adhere to this commitment and will continue to do so unequivocally.

Based on current NNPC data, Nigeria reduced its current production in May 2020 to 1.613 kbd. The difference between its reference productions of 1.829 with its May 2020 production figures is 216 kbd.

Chief Timipre Sylva

This represents compliance of about 52% as opposed to the 19% reported by Thompson Reuters (TR). Pertinent to note is the figures reported by TR include Agbami and Akpo condensate streams which are classified as condensates and thus excluded for quota purposes. It is worthy to note that current daily crude oil production is well below the period commitment level of 1.412 million barrels per day and will translate to full compliance by end of June 2020.

Nigeria will continue to fully comply with the agreement and look forward to improving on its compliance levels for the lifespan of this historic intervention by OPEC+

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