’Femi Asu

Nigeria has said it will join its peers in the Organisation of Petroleum Exporting Countries and other producers in cutting production when its output reaches 1.8 million barrels per day.

OPEC on Monday called on several members to ensure compliance with production cuts to help clear excessive global stocks and support flagging prices.

The group has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million bpd from January 2017 until the end of March 2018.

Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest.

Crude oil production from Nigeria increased to 1.663 million bpd in June from 1.494 million bpd in May, based on direct communication, according to OPEC’s latest monthly oil market report.

The Joint OPEC-non-OPEC Ministerial Monitoring Committee met in St. Petersburg on Monday for its fourth meeting to review the June 2017 report as well as the first six months of the Declaration of Cooperation, as submitted by the Joint OPEC-non-OPEC Technical Committee.

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