Nigeria assures opec on crude oil production cut target

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Nigeria Assures OPEC on Crude Oil Production Cut Target

Nigeria has assured the Organization of the Petroleum Exporting Countries (OPEC) that it will meet its target of reducing crude oil production by 100,000 barrels per day (bpd) as agreed upon at the cartel's meeting in Vienna, Austria, last month.

The Nigerian National Petroleum Corporation (NNPC) made the assurance in a statement issued after a meeting with OPEC officials in Abuja, the country's capital. The meeting was aimed at discussing Nigeria's compliance with the OPEC+ agreement, which aims to stabilize the global oil market.

According to the statement, the NNPC assured OPEC that it has taken steps to ensure that the production cut target is met, including the implementation of measures to reduce non-essential oil production and optimize production from existing fields.

The OPEC+ agreement, which was reached in December 2020, aims to reduce global oil production by 7.7 million bpd to balance the market and stabilize prices. Nigeria, which is the largest oil producer in Africa, was allocated a production cut target of 100,000 bpd.

The NNPC's assurance comes amid concerns that some OPEC members may not meet their production cut targets, which could impact the effectiveness of the agreement. The cartel has been working to stabilize the global oil market, which has been affected by the COVID-19 pandemic and the ongoing trade tensions between the United States and China.

In related news, the NNPC has announced plans to increase its crude oil production capacity to 2.5 million bpd by 2025, up from the current capacity of 1.9 million bpd. The corporation plans to achieve this through the implementation of various projects, including the development of new fields and the optimization of existing ones.