Nigeria risked OPEC sanctions over production limits
After Nigeria overshot its crude production quota in May and June, it now must cut production from July through September in order to escape an OPEC sanction.
The Ministry of Petroleum Resources said on Saturday that it was ready to make additional oil output cuts after OPEC and its allies implemented a deal to curb supply by record amounts.
“Nigeria reconfirms our commitment under the existing agreement,” Nigeria’s Ministry of Petroleum Resources said in a statement on Twitter ahead of talks between OPEC and its allies.
It said it also “subscribes 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.”
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