WATCH THE VIDEO HERE Nigeria made the biggest oil production cut among members of the Organization of Petroleum Exporting Countries (OPEC) in March, reducing output by 50,000 barrels per day. According to a Bloomberg report, Nigeria made the cut to maintain an average of 1.5 million barrels per day, in line with its OPEC quota, as the cartel urged tightened quotas among its members. According to a Bloomberg survey, OPEC reduced overall production by 110,000 barrels per day in March. The report notes that the cut in Nigeria’s production follows delays in loading Bonny Light crude due to the recent explosion at the Trans-Niger Pipeline. The pipeline, which is a critical infrastructure for Nigeria’s crude exports, has frequently faced operational disruptions, affecting the country’s ability to meet production targets. Naijaonpoint reported that President Bola Tinubu blamed the explosion on the political crisis in Rivers State. Consequently, the President declared a state of emergency in the state and sacked all elected officials. Bloomberg reported that Iraq followed with the second-largest reduction after Nigeria, cutting output by 40,000 barrels per day to 4.15 million barrels. Despite this, Iraq maintained above its agreed limit of 4 million barrels per day. The decision of the cartel to ease production cuts follows U.S. President Donald Trump’s request to Saudi Arabia to “cut the price of oil” by increasing production. It is uncertain whether this was what informed the decision or not. Bloomberg’s survey is based on ship-tracking data, information from officials, and estimates from consultants Rapidan Energy Group, FGE, and Rystad Energy.
Nigeria cuts oil production by 50,000 bpd in March as OPEC tightens quotas – Report
