Nigeria reaffirms Commitment to Comply with OPEC+ Production Agreement

OPEC+ Production Agreement
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Following the conclusion of the OPEC and non-OPEC meeting held on June 6th, 2020, Nigeria has reconfirmed its commitment to comply with OPEC+ Production Agreement, subscribing to the concept of compensation by countries who are unable to attain full conformity (100%) in May and June to accommodate it in July, August, and September.

In a press statement signed by Garba Deen Mohammad GGM/SA Media Office of the Honorable Minister of State for Petroleum Resources, said: “Nigeria will continue collaborating with other OPEC+ Nations in the historic efforts to adjust crude oil production towards rebalancing and stabilizing the global crude oil market for the benefit of all.

“Nigeria reaffirms its commitment, alongside its OPEC+ counterparts to extend the first phase of the production adjustments of 9.7 mb/d by one month until the end of July 2020.

“Nigeria also subscribes to the concept of compensation by countries that are unable to attain full conformity(100%) in May and June 2020 to compensate for it in July, August, and September 2020.

“We are in full alignment with the decision to closely monitor the market dynamics and it is our conviction that the current gradual recovery being witnessed will be sustained to full traction.

“We reiterate our resolve to conform with the decisions reached under the auspices of the 11th OPEC/non-OPEC Declaration of Cooperation meeting.

“Nigeria appreciates the commitment of OPEC+ Group under the able leadership of Saudi Arabia and Russia towards ensuring the success of this historic intervention.”

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