Emmanuel Addeh in Abuja
The Organisation of Petroleum Exporting Countries (OPEC) reduced crude oil production last month, with curbs in Nigeria amounting to about 50,000 barrels per day, a major blow to the country’s aspirational 2.06 million bpd in the 2025 budget.
A Bloomberg survey showed that Nigeria cut production the most last month, reducing it by 50,000 bpd to an average of 1.5 million per day, in line with its quota. Loadings of the country’s Bonny Light crude grade also faced delays, following a fire at the Trans-Niger Pipeline.