Nigeria Ready To Cut Output 'Very Soon' If Ordered By OPEC - Oil Minister


Nigeria Ready to Cut Output 'Very Soon' If Ordered by OPEC - Oil Minister

ABU DHABI (UrduPoint News / Sputnik - 10th September, 2019) Nigeria, one of the biggest contributors to the rise in OPEC+ oil output, is ready to reduce production to meet the requirements of the oil cuts deal if ordered so by the cartel, Nigeria's new Minister of Petroleum Timipre Sylva said Tuesday.

"We will do whatever OPEC says, we are a team player. If OPEC says cut, we will cut," Sylva said on the sidelines of the World Energy Congress in Abu Dhabi, adding that "nobody is pressuring Nigeria" at the moment.

He clarified that Nigeria was currently producing "about 1.

7 million barrels per day", slightly overproducing under the OPEC+ deal.

"We have some issues, but we will be better," the minister said, when asked to explain the lack of complete compliance with the OPEC+ deal.

In response to a question regarding when the country planned to completely adhere to the deal, the minister said "very soon."

In a bid to prop up oil prices, OPEC states and several major non-cartel producers are attempting to reduce their combined output levels by 1.2 million daily barrels compared to October 2018 levels.

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