• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Exxon Mobil, Shell, Chevron, others might be forced to reduce oil production in Nigeria

Olumide Adesina by Olumide Adesina
April 29, 2020
in Business News
NNPC, EXXON MOBIL, CHEVRON, CRUDE OIL PRODUCTION

Oil production facility

Share on FacebookShare on TwitterShare on Linkedin

Africa’s biggest oil producer, Nigeria, has been unable to find ways to cut oil production, as part of the OPEC+ deal signed weeks ago. This has led to the postponement of the crude oil export plan for May and June 2020 by Nigeria National Petroleum Corporation (NNPC), as reported by Reuters.

The new OPEC+ oil production cut deal, to drop a total of about 10 million barrels per day from the oil market, comes into effect from May 1, 2020.

“Nigeria will be producing 1.412 million barrels per day in May-June 2020, 1.495 million barrels per day in July-December 2020, and 1.579 million barrels per day between January 2021 and April 2022, as part of the OPEC+ agreement,” Nigeria’s Ministry of Petroleum Resources said after the OPEC+ deal was agreed on April 12, 2020.

RelatedStories

OPEC, crude oil production

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
OPEC, crude oil production

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025

READ ALSO: FAAC disagrees over revenue allocation for FG, States, LGs

Nigeria produced about 1.853 million barrels per day of crude oil in March, up by 65,000 barrels per day compared to February.

Since NNPC, controls many of the oilfields in Nigeria, in joint ventures with oil multinationals like Chevron, Eni, Exxon Mobil and, Shell, the corporation has been negotiating oil production cuts with these oil majors.

This is the rationale for why the crude oil loading plan for June and the official selling prices for May have been postponed, a trading source told Reuters.

READ MORE: States’ debt stock hits N5.27 trillion, as Imo, Rivers borrowed the biggest 

Nigeria’s crown jewel, Bonny Light crude grade, has recently been selling at a discount of $5 a barrel to dated Brent crude oil, while it would have gained a premium of $3 per barrel over Brent crude oil if market circumstances were at normal levels.

There are April and May cargoes of Nigerian crude not being sold, since oil demand has fallen so much that no one wants crude oil even at $15 a barrel or lower.

Under these conditions, Nigeria and the oil majors operating within its shores have no other choice but to reduce their oil production.

 


Follow us for Breaking News and Market Intelligence.
Tags: Brent crude oil pricesBusiness NewsExxonMobilLow oil pricesNigerian Business NewsNNPCOPECOPEC MembersShell
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

OPEC, crude oil production
Energy

OPEC+ output falls short in May as members cut oil to offset quota breaches

June 16, 2025
OPEC, crude oil production
Energy

Jitters for Naira as OPEC+ increases production quota by 411,000 barrels per day  

May 31, 2025
Crude oil prices
Breaking News

Crude oil price falls below $60, stoking fears of weaker naira and wider deficits 

May 5, 2025
OPEC
Energy

OPEC+ plans 2.2 million bpd oil output increase by November 

May 4, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Nigerian Crude sells below $65 per barrel, OPEC revamps oil production

May 4, 2025
Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
Next Post
Union Bank 

Union Bank releases Q1 2020 result, records 14% profit increase

Comments 1

  1. Emmanuel A N Christopher says:
    November 5, 2021 at 3:04 pm

    I need to be getting any message considering Exxon mobile

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • E-call up dispute: IPMAN warns N12,500 truck fee may trigger petrol price hike in Lagos 
  • Nigeria urgently needs PPPs’ intervention to address country’s $2.3tn Infrastructure Gap – ICRC 
  • Food Price: Dry onions up 17.65%, pepper down 29.41% as Lagos markets swing in June 2025 

Follow us on social media:

Recent News

NMDPRA bans 60,000-litre fuel tankers from depots to curb accidents  

E-call up dispute: IPMAN warns N12,500 truck fee may trigger petrol price hike in Lagos 

June 17, 2025
Nigeria urgently needs PPPs’ intervention to address country’s $2.3tn Infrastructure Gap – ICRC 

Nigeria urgently needs PPPs’ intervention to address country’s $2.3tn Infrastructure Gap – ICRC 

June 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics