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Home Markets Commodities

OPEC+ asks Committee to monitor Nigeria, others over extended oil production cuts

William Ukpe by William Ukpe
July 16, 2020
in Commodities
Worry for Nigeria as forecast shows OPEC countries will face a challenging 2020 , Why OPEC may not change output cut soon, Weaker oil demand overshadows proposed OPEC output cuts, as oil price dips , Nigeria tops compliance list, as OPEC’s December crude output drops, OPEC, Russia planning biggest oil cut ever, OPEC+ output cut: The oil cartel records 86% compliance as Nigeria beats expectation, OPEC+ asks Committee to monitor Nigeria, others over extended oil production cuts
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The Organization of Petroleum Exporting Countries (OPEC) and its sister members have asked the Joint Technical Committee (JTC) to monitor underperforming members in the extended production cuts.

The body also requests that all underperforming nations including Nigeria, Iraq and others submit their plans for implementation of the “required compensation” for the month of June to the Secretariat by the end of the month.

READ ALSO: Nigeria only hit 56% of its target revenue in first five of months of 2020 

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This was revealed in the recent 20th virtual meeting of the Joint Ministerial Monitoring Committee (JMMC). The body also commended Gulf nations like Saudi Arabia, Kuwait and the United Arab Emirates for making voluntary cuts to their production to keep the price stable. Oil production reached its lowest in nearly 30 years due to the production cuts of 9.6 million barrels.

Meanwhile, the Organization plans to reduce its production cut from 9.6 million barrels a day to 7.7 million barrels, OPEC expects the increase in supply to be offset by countries like Nigeria that did not meet full compliance on production cuts. Nigeria will join Iraq and Angola by engaging in a further 842,000 barrels a day of cuts through September.

READ MORE: OPEC launches Annual Statistical Bulletin (ASB)

OPEC agrees that a full 100% conformity for all members is fair deal, that is important to move the body to a unified voice in the future and deliver on long term goals. Adding that despite partial lockdowns, the recoveries in demand is clear. Adding that the extra supply from the ease in productio9n would be consumed locally be oil exporters as their economies reopen for business.

OPEC agrees that the new compensation policy was agreed by the nation affected and would lead to deeper level of adjustments.

 


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Tags: AngolaBusiness NewsIraq;Joint Technical Committee (JTC)NigeriaPetroleum Exporting Countries (OPEC)
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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