31 October 2008
Lagos — Nigeria may have complied with the decision of the Organization of Petroleum Exporting Countries (OPEC) on production cut as the Nigerian National Petroleum Corporation (NNPC) yesterday directed that cargoes in November and December lifting programmes be reduced by five percent.
A statement issued by NNPC and signed by the Group General Manager, Group Public Affairs Division, Dr. Levi Ajuonoma, said " in addition, five (5) cargoes from the November lifting programme and 7.6 cargoes from the December lifting programme have been canceled."
It added that "details of cargoes cancelled in both months will be advised to customers and operators in the affected terminals."
THISDAY gathered that the reduction may not be unconnected with the sliding oil prices at the international market, which had fallen from a peak of about $147 per barrel to a current level of less than $64 per barrel. Crude production level has also dropped to 2.3 million barrel per day (mbpd) as against 2.45mbp recorded earlier in the year.
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