The move follows the cartel's resolve 10 days ago to cut production by 1.2 million barrels per day
Nigeria will today join her counterparts in the Organisation of Petroleum Exporting Countries to effect the planned cut in oil production levels. This is amidst global concern over continuous drop in oil price at the international market.
The move follows the cartel's resolve 10 days ago to cut production by 1.2 million barrels per day (bpd). This will now give rise to 26.3 million bpd from today as against the 27.5 million bpd obtained previously.
Specifically, Nigeria, which was the first to instigate voluntary cuts before OPEC, agreed to reduce output, will be cutting off 100,000 bpd even though it currently suffers a production setback due to the activities of militant youths in the Niger Delta region.
At OPEC, all hands have remained on deck as the cartel plans to cut a total of 1.2 million bpd, among other strategies put up to curb the falling prices.
Nigeria, explaining its voluntary cuts, told customers they should load five per cent less than scheduled from November 1, equivalent to around 100,000 bpd. According to sources at the Nigeria National Petroleum Corporation (NNPC) "the cut would be maintained through November".
Efforts by The Guardian to obtain comments from the NNPC yesterday proved abortive as its General Manager, Public Relations, Levi Ajuonoma, was unavailable to respond to phone calls.