Nigeria Exempted From OPEC Production Cut

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Yemisi Izuora/Ijeoma Agudosi

The Organisation of the Petroleum Exporting Countries, OPEC, has exempted Nigeria from the latest production cut deal.

OPEC ministers had agreed to cut production by 1.2 million barrels per day to 32.5 million barrels per day.

Nigeria was exempted by the body because it currently produced far below its OPEC production quota of 2.2 million barrels per day.

Saudi Arabia is to bear the biggest burden of the production cut as the country’s output was slashed by 486,000 barrels per day under the new arrangement.

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