30 November 2016, Sweetcrude, Vienna, Austria – Nigeria has been exempted from the latest production cut by the Organisation of the Petroleum Exporting Countries, OPEC.
Meeting in Vienna, Austria, OPEC ministers Wednesday agreed to cut production by the 14-member body by 1.2 million barrels per day to 32.5 million barrels per day.
Nigeria’s exemption from the cut is a confirmation of SweetcrudeReports‘ earlier report to that effect. Nigeria was exempted because it currently produced far below its OPEC production quota of 2.2 million barrels per day.
Saudi Arabia is to bear the biggest burden of the production cut as the country’s output was slashed by 486,000 barrels per day under the new arrangement.
Details of the production cut, by countries: