NNPC Complies With OPEC, Slashes Crude Oil Production To 1.7m Bpd

The Nigerian National Petroleum Corporation (NNPC) has complied with the directive of the Organisation of Petroleum Exporting Countries (OPEC) to cut down its production to 1.7 million barrels per day (bpd) of crude oil.

This was disclosed on Wednesday by NNPC’s chief operating officer (COO) corporation, Roland Ewubare, who restated the national oil firm’s commitment to OPEC directives.

OPEC had cut crude oil output for Nigeria by 2.5%, which made production to drop by 43,775 to about 1.71 million barrels per day.

OPEC said  the cut was to help stabilise and strengthen crude oil prices at the international oil market.

Ewubare on the side line of an oil conference in the United Arab Emirates however said NNPC’s current production following the cut ranged between 1.6 and 1.7 million barrels per day for November.

“The last quota put us at 1.7 million bpd and we are committed to that threshold,” the COO assured.

Nigeria started participating in the deal this January 2019 having been granted an exemption from previous OPEC cuts due to Niger Delta militants attack on oil facilities in 2015.