By Adedapo Adesanya
Nigeria’s daily crude oil production is in line with the production cut agreement reached between the Organisation of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, the Chief Operating Officer (COO) of the Nigerian National Petroleum Corporation (NNPC), Mr Roland Ewubare, has said.
Speaking on the sidelines of an oil conference in the United Arab Emirates (UAE), Mr Ewubare assured that the country would continue to comply with OPEC output cuts.
It was revealed that the country currently produces 1.6 million-1.7 million barrels per day (bpd) of crude oil. OPEC had granted Nigeria a higher oil output target under the cartel-led deal to limit oil supply to the international market.’
Nigeria’s allocation was said to have been increased to 1.774 million barrels per day (bpd) in September, from 1.685 million bpd at the last OPEC meeting in July.
“The last quota put us at 1.7 million bpd and we are committed to that threshold. Our current production with the cuts is between 1.6 and 1.7 million barrels per day for November,” Mr Ewubare said.
Mr Ewubare added that Nigeria’s actual output of crude oil and condensate is at 2 million bpd.
Liquid condensates, which are produced alongside crude oil are not affected by OPEC’s production limit.
Nigeria started participating in the deal this year, having been granted an exemption from previous OPEC cuts due to militant attacks that reduced the country’s output.
Dipo Olowookere