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The nation’s current daily oil production has now fully complied and surpassed the mark with its promised cuts under an agreement among major oil producers, NNPC chief, Mele Kyari, explained.
During an Atlantic Council Zoom call, Kyari noted that Nigeria, which holds the position of Africa’s largest oil exporter, had previously failed at complying completely with its promised cuts in past months. The essence is, thus, to ensure that it fully makes up for the gaps by July.
“Our actual daily production indicates we’re in an overconforming situation,” he said.
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With more of the countries under the OPEC+ deal compliant, an extension of the agreement into the month of August will not be necessary. During the call, he also noted that NNPC is putting measures in place to ensure that the country can stop fuel importation within a period of three years.
Given the conversations Nigeria has been having with U.S. companies including Bechtel and KBR on potential projects such as oil refineries, pipelines, and gas projects, he noted the partnership efforts being made by the government to fix the nation’s suboptimal refineries.
READ MORE: Why are oil prices down despite a successful OPEC meeting?
Previous efforts to revamp the refineries had failed for years until they were completely shut down by NNPC in the month of April. Kyari, however, said he was confident that the refineries would get up and running again in no time.
Speaking on the refinery projects, he said, “We have a new framework, and this will enable others to help us.”
