Opec extends Nigeria’s Exemption From Oil Production Cut

OrijoReporter.com, Nigeria exempted from crude oil production cut

Joint Ministerial Monitoring Committee (JMMC) of OPEC and Non-OPEC Countries in Vienna, Austria, on Friday, extended Nigeria’s exemption from crude oil production cut, This Day reported.U.S has stopped buying oil from us, Prof. Osinbajo

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The extension followed the country’s request that the exemption granted it at the November 2016 Ministerial Conference and extended in May, 2017, should be sustained until there is stability in its crude oil production.

According to the report, the federal government is planning to halt the stealing of Nigeria’s crude oil by introducing a fingerprint technology which will track products anywhere in the world.

It said the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who led Nigeria’s delegation to the JMMC meeting had argued that although Nigeria’s production recovery efforts have made some appreciable progress since October last year, Nigeria is not yet out of the woods.

The paper explained that Kachikwu emphasised that Nigeria, would continue to work for the good of the OPEC and its member countries, respecting whatever agreements and resolutions are collectively made.

It added that the minister  stated that Nigeria would be prepared to cap its crude production when it had stabilised at 1.8 million barrels per day.

 According to the report, the meeting noted that overall compliance by OPEC and Non OPEC participating Countries to the Agreement on crude oil production cut for the month of August was 116 per cent.

In a communiqué after its 5th meeting, which took place yesterday, the JMMC welcomed the participation of Iraq, Libya and Nigeria, and the reaffirmation of their commitment to work closely with other participating producing countries to ensure the success of the Declaration of Cooperation.

Source: This Day

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