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Nigeria Restates Commitment To OPEC+ Agreement On Oil Production

The Nigerian National Petroleum Corporation (NNPC), on Wednesday, said it will continue to abide by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilising the global oil market.

Nigeria’s compliance with the OPEC+ production cut agreement though essential as it is the best step towards redeeming the value of hydrocarbon resources at the global market in the interest of all, it, however will impact on government’s revenue.

The Group Managing Director, NNPC, Mele Kyari, stated this while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021. He said the country would instead, focus on gas, condensate and other revenue streams to tackle the revenue challenge arising from the OPEC+ production cut arrangement.

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Source: OrientEnergyReview

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