Nigeria has said that it is willing to cut its oil production from 1.8 million barrels per day (bpd) if that level is reached and sustained.

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) met in St. Petersburg for its fourth meeting on 24 July 2017 to review the June 2017 report as well as the first six months of the Declaration of Cooperation, as submitted by the Joint OPEC-Non-OPEC Technical Committee (JTC).

A statement from the OPEC website said; “The JMMC, having reviewed the report of the JTC, including the presentations made by the representatives of Libya and Nigeria on their production recovery plans, prospects, and challenges, acknowledges the upside limitations of both countries beyond their current production levels.”

“Once their production levels stabilize, participating producing countries should further cooperate in a manner that contributes to the stabilization of the market. The JMMC will continue to monitor and recommend further actions including the holding of an extraordinary conference of the 24 producing countries if needed.”

“The JMMC further welcomed the flexibility of Nigeria in this regard, which despite its commitment to recover its pre-crisis production level, voluntarily agreed to implement similar OPEC production adjustments as soon as its recovery reaches a sustainable production volume of 1.8 mb/d,” it added.