to join OPEC deal

Nigeria has agreed to join the oil production cut deal once its daily crude production reaches 1.8 mln barrels

Nigeria has agreed to join the OPEC+ deal once its daily crude production reaches 1.8 mln barrels, Kuwaiti Oil Minister Essam al-Marzouk said Wednesday.

“In St. Petersburg we agreed that once Nigeria reaches the 1.8 mln barrel daily oil production level and is able to maintain it for two months or more it will join other OPEC nations,” he said.

When asked about Libya’s joining the deal, the minister said, that “the situation is similar to Nigeria,” meaning the unstable level of oil production.

In December 2016, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 million barrels per day from the oil market in the first half of 2017. On May 25, OPEC and non-OPEC nations agreed to extend the existing level of oil production cut (1.8 mln barrels daily) until April 2018. The goal of the alliance is to reduce global oil reserves to an average level of five years, which will stabilize the oil price.

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