Nigeria: NNPC Turns to Condensates to Offset Losses From Opec Cuts

14 January 2021

Abuja, Lagos — The Nigerian National Petroleum Corporation (NNPC) has said it is now focusing on condensates, which are excluded from April 2020 production cuts announced by the Organisation of Petroleum Exporting Countries (OPEC), to curtail the crude oil supply glut and boost the government's revenue.

The Group Managing Director of the NNPC, Mallam Mele Kyari, who spoke yesterday during a virtual "Gulf Intelligence Global UAE Energy Forum, 2021," also explained that the decision by the cartel to compel members and allies to cut production has negatively affected the government's revenues.

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