Nigeria plans to join OPEC deal+ until the end of March 2018

© AFP 2017 / Ryad KramdiПредставители member countries of OPEC. Archival photo<img src="/wp-content/uploads/sites/5/2017/09/4e66eb884e0c989f655441e03577bcd5.jpg" alt="Nigeria plans to join OPEC deal+ until the end of March 2018" />© AFP 2017 / Ryad Kramdi

Nigeria may join the agreement to reduce oil production of the OPEC countries to the end of March 2018, said the country’s oil Minister Emmanuel IBE Cacique.

«The country will be able to enter a trade (OPEC+ — ed) when will steadily produce 1.8 million barrels of oil per day,» he said in an interview with Bloomberg TV.

According to him, the country plans to join the deal before the end of March 2018.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017. In may, its validity was extended for nine months until the end of March 2018.

Nigeria under the deal, OPEC+ exempt from commitments to reduce production, since the oil industry suffered greatly from the activities of armed groups.

According to the September report, OPEC oil production in Nigeria in August increased by 138 thousand bpd to 1.86 million bpd compared to July. However, according to the Minister, this figure remains highly volatile.

Nigeria plans to join OPEC deal+ until the end of March 2018© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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