Nigeria, Africa’s top crude exporter, has curtailed oil production by 23% to bring the country in line with the Organization of the Petroleum Exporting Countries (OPEC) production cuts, according to Reuters.
“The cut for Nigeria is about 417,000 barrels per day (bbl/d), which is about 23% of our production. And of course, as at the end of April, we have complied,” Minister of State for Petroleum Timipre Sylva said.
The OPEC+ deal decreed that output be reduced by 9.7 million barrels per day (mmbbl/d) for May and June as the coronavirus pandemic has slashed demand.
Under the deal, Nigeria should supposedly cap production at 1.41 (mmbbl/d) in May and June.