The Nigeria National Petroleum Corporation (NNPC) said Wednesday it would begin direct crude sales to refineries from March onwards, replacing the crude oil swap agreements in an effort to achieve savings of some USD 1 billion.

Nigeria says no to OPEC cuts

ABUJA, September 14, 2017 – Nigeria is unlikely to participate in OPEC production cuts, the country’s oil minister, Emmanuel Ibe Kachikwu, said Wednesday.
 
The country had been exempted from the OPEC production cut deal as it tries to raise production after militant disruptions to production and pipelines, and consequently to refineries, had left Nigeria unable to meet its contractual obligations with international buyers.

 

In July, Nigeria said it would voluntarily cap production at 1.8 million bopd. The minister said Wednesday that the country was producing 1.6 million bopd. 

“It is very unlikely that I see stability that convinces me with certainty that I should exit the exemption between now and March,” Reuters quoted him as saying.

According to OPEC secondary sources figures, Nigeria had raised production from 1.71 million bopd in June 2017 to 1.75 million in July. Direct communications put the figures somewhat lower at 1.56 million in June and 1.67 million in July.

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