Nigeria has further cut down on crude oil production in a bid to compensate for months of non-conformity to its OPEC cuts quota.

The West African country had in April produced 1.3 million barrels per day (1,372mb/d), 56 thousand barrels below its production in March’s 1,429mb/d.

Minister for States Petroleum Resources, Timipre Sylva had on behalf of the country, promised to pay back its defaulted quotas from last year in 2021.

Nigeria was allocated a production quota of 1.5mb/d for 2020 in the ongoing cuts by the Organization of the Petroleum Exporting Countries and its non-OPEC partners, but had produced 1.7mb/d in 2020. However, since January 2021, the country started to reduce production to the tune of 1.4mb/d up until March, further deepening output to 1.3mb/d in April, according to data sourced from OPEC.

Click on the link below for full report

Source: SweetCrudeReports