In order to join the new efforts to reduce the world supply, Nigeria has just announced through its Minister of Petroleum Timipre Sylva, that it will reduce the production of crude by about 417 000 barrels per day. It is 23% of current production. This should allow the leading African producer to cap its production at 1.41 million bpd in May and June.
“The reduction for Nigeria will be around 417,000 barrels per day, which represents about 23% of our production. And of course at the end of April we complied with efforts to reduce the level of production, ” said Sylva.
This measure taken by Nigeria is part of the new reductions of 9.7 million barrels per day in the production of OPEC and its allies.
The market is currently so flooded with oil that prices per barrel have stagnated below 25 dollars for several days.
Source: Agence Ecofin