Nigeria Under Pressure To Join Opec Oil Production Cut
crude oil

The Organisation of Petroleum Exporting Countries (Opec) may pressurise Nigeria to cut cut down its oil production in an attempt to stem supply glut.

According to reports, the production cuts deal began on January 1, 2017 with OPEC countries and 10 non-OPEC expected to slap 1.8 million barrels per day in supplies to tackle oversupply and increase prices.

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The deal was later extended till the end of 2018 with Nigeria and Libya exempted from the cuts due to internal crises.

Nigeria and Libya were exempted from the cuts as they dealt with internal unrest that had targeted their oil infrastructure.

OPEC’s main advisory board said last month that the group needed to cut oil production to avoid an oversupplied market in 2019.

Delegates attending the OPEC meeting in Vienna said they willl be asking Nigeria and Libya to accept a production cut quota if the body reaches a new supply deal.