The Organisation of Petroleum Exporting Countries,OPEC Secretary-General Mohammad Barkindo said on Monday, July 24, that Nigeria has no intention of going beyond its oil production target of 1.8 million barrels per day (bpd) until the end of March 2018.
He also said Libya has an output target of 1.25 million bpd by December, but it remains a target given the challenges the country faces.
Meanwhile, OPEC, on Monday, July 24, revealed that it is making moves to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.
A ministerial committee of OPEC and non-OPEC states that monitors the global oil pact said it had agreed Nigeria would join the deal by capping or even cutting its output from 1.8 million bpd, once it stabilizes at that level from 1.7 million bpd recently.
