On Sunday, Nigeria’s Minister of State for Petroleum Timipre Sylva said that the country is fully committed to the oil output cut pact between the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) with 100% compliance rate in November.
Silva told Saudi Energy Minister Abdulaziz bin Salman that Nigeria’s compliance with the pact had improved significantly in August.
In the third quarter of this year, Nigeria’s crude production was at 2.04 million bpd, the highest since 2016’s first quarter. The figure was helping the country’s economy to grow by 2.28% during the period.
OPEC ministers are scheduled to meet in Vienna on December 5 and then meet the non-members on December 6 to discuss their output policy which expires in March and reviewing the oil market outlook for the first half of 2020.
