OPEC is no longer exempting Nigeria and Libya from the crude production cut.
As part of plans to check supply glut, it has cut Nigeria’s production quota to 1.68 million barrels per day for the first half of next year.
OPEC and 10 non-OPEC countries agreed about two weeks ago to cut oil production by 1.2 million bpd, which will last for six months, effective from January.
This is expected to boost weakening market fundamentals.
The breakdown shows Nigeria’s oil production is to be cut by 53,000 barrels per day.
