June 10, 2020 / 10:04 AM / a month ago

Nigeria acknowledges exceeding OPEC+ quota, will cut to compensate

LONDON, June 10 (Reuters) - Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday.

Nigeria had exceeded its quota for production cuts under an OPEC+ deal by a little less than 100,000 barrels per day (bpd) in May, Kyari said in an online interview with Dubai-based research firm Gulf Intelligence.

Africa’s top oil exporter aims to reach full compliance by “maximum, middle of July”, Kyari said, adding the country will at that point need to cut an additional 40-45,000 bpd in order to compensate for its earlier over-production. (Reporting by Noah Browning, editing by Louise Heavens)

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