Yemisi Izuora
Nigeria’s crude production in the third quarter stood at 2.04 million barrels per day, which is its highest since the first quarter of 2016 and has significantly helped its economy grow 2.28 per cent in the three months to September, according to statistics obtained by Oriental News a Nigeria.
The federal government also said it is committed to full implementation of agreements among Organization of Petroleum Exporting Countries, OPEC, and non-OPEC members.
Timipre Sylva, minister of petroleum resources, speaking ahead of an OPEC meeting in Vienna at the weekend said he had told Saudi Energy Minister bin Salman that Nigeria’s compliance had improved substantially since August.
Prince Abdulaziz serves as chairman of the OPEC and non-OPEC joint ministerial monitoring committee.
OPEC ministers meet among themselves in Vienna on December 5, and then meet non-OPEC members on December 6, to decide what to do about the current agreement to limit output, which expires in March, Sylva said in a statement.
The meeting in Vienna would also review the outlook for the oil market for the first half of 2020.
The statement said demand was set to ease next year while production from non-members could rise, confronting OPEC with a decision about whether to cut output harder to support prices.
Sylva said OPEC member countries had consistently met and exceeded their targets for production cuts, and that Nigeria had achieved 100 per cent compliance in November. This had brought stability to oil markets, he said.
