Nigeria, arguably Africa’s largest oil producing nation, has agreed to cap its oil production at 1.8m barrels per day after an extensive meeting of OPEC and Non-OPEC members.
On Monday, the Russian Oil Minister confirmed that a meeting would take place to discuss the growing production levels of Nigeria and Libya, which were both exempted from a production cap agreement in a bid to combat weakening oil prices.
It was during the meeting that Nigeria reportedly agreed to voluntarily cap its production at 1.8m barrels per day as it seeks to conjure support and improve compliance from defaulting member states.
It has been reported that Saudi Arabia and a few other oil producing countries have started increasing production over the past month. This would contravene the agreement to maintain reduced supply needed to boost global prices of crude.
Nigeria currently produces about 2.2 million barrels per day according to figures from its national oil firm NNPC.