Nigeria: OPEC May Rollover Crude Oil Production Cut to April

4 March 2021

Abuja — Ahead of its long-awaited decision today, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the COVID-19 crisis.

With the compulsory cuts, Nigeria's production has dipped by 313,000 barrels per day since January while the country has been pumping 1.516 million barrels instead of its reference 1.829 million bpd, far lower than the target of 3 million bpd set by the Nigerian National Petroleum Corporation (NNPC) before the COVID-19 pandemic.

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