Nigeria complied with OPEC cut in February   

01 March 2019 : The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, stated that Nigeria complied with the production cut agreed in December. The minister also called on the OPEC to maintain efforts to keep the price of crude stable amid increasing pressure from the U.S. Implementation of the production cut has been uneven across OPEC and its allies, with Russia sluggish to reduce production. However, the minister expressed fears over the possibility of further cuts, citing the activation of the Egina oil field which is expected to produce crude at its full capacity of 0.2mb/d sometime in March. 

The OPEC is scheduled to meet again in April to discuss whether to sustain cuts into H2’19 with the expectation that the group could maintain cuts going forward. Meanwhile, benchmark Brent crude firmed at $67.04 on Thursday amid news that the U.S. Department of Energy (DOE) plans to sell up to 6 million barrels of crude from their Strategic Petroleum Reserve (SPR), with deliveries expected around the time when U.S. waivers for Iranian oil customers are due to expire. Despite this, Brent prices are expected to remain stable above $60/bbl for the rest of the year. 

Reporting for EasyKobo on Friday , 01 March 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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