NewsWireNGR
Published 3 months ago
Estimated Reading Time: 3
The Organisation of Petroleum Exporting Countries (OPEC) on Tuesday upheld its December 3, 2020 decision to increase crude oil production output by 500,000 barrels per day for February and March, 2021.
The plan will, however, see Nigeria cut production by an additional 939,000 barrels in adherence to the resolution, with reference production set for the country by OPEC put at 1.829 million barrels per day in January, February and March.
But the required production per month will be 1,516 million barrels per day, a reduction of 313,000 barrels per day for each of the months.
The document also showed that Russia and Saudi Arabia have a reference production of 11 million barrels per day respectively, but will only be allowed to pump 9.1 million bpd for the period under review.