OPEC increases pressure on Nigeria to cut oil production

OPEC increases pressure on Nigeria to cut oil production

Editorial Staff
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The countries involved in the production cuts set by OPEC are not all honoring their commitments to the same degree: Venezuela is doing well, Nigeria less so

According to the majority of oil producing countries, including non OPEC members, Nigeria has increased its national oil production beyond 1.8 million barrel mark, says a report by The Guardian. Nigeria has countered the charge by explaining that its production is well below that figure. If the claim were true, Nigeria would be falling short of the commitments it has undertaken. The Minister of State for Petroleum Resources, Ibe Kachikwu, however, has explained that the figures used to ascribe these production levels to Nigeria were wrong. The Organization will meet in Vienna on September 22, while Iran’s President Rouhani is urging the member of the Organization to continue the cooperation process in order to stabilize the global oil market and oil price trends. According to Rouhani, the efforts of OPEC and non OPEC countries, particularly Venezuela, have had a positive impact on falling oil prices and market stability, and he added that Tehran and Caracas are strengthening their mutual cooperation in all sectors.