The survey observed that compliance from other members combined increased from 131 percent in August to 218 percent in September. Unlike Nigeria, Iraq reigned in its production.
Nigeria Produced 1.95m barrels of oil per day in September to shoot past a pledged cut baseline of 1.74m bpd, a Reuters survey discovered.
The country’s Minister of State for Petroleum Resources, Timipre Sylva, joined an increasing list of government officials to pledge compliance at a meeting of the Organisation of the Petroleum Exporting Countries (OPEC), held in Vienna Austria earlier in September.
The officials of the Nigeria National Petroleum Corporation (NNPC) and other government officials, could say in their defense that they were taking advantage of the attack on two Saudi Arabia oil facilities.
OPEC combined for a total of 28.9m bpd in September, the lowest since 2011, Reuters reports. This figure is according to Reuters, 750,000 bpd less than the cartel’s production in August.
The survey observed that compliance from other members combined increased from 131 percent in August to 218 percent in September. Unlike Nigeria, Iraq reigned in its production.
However, Saudi made more cuts, with the Reuters survey putting the production for the country at 9.05m.
A barrel of oil has returned to pre-Saudi attack figures of around $61, with Reuters quoting experts as saying low demand and a rush by Riyadh to resume production are the reasons for the price slump.