Lagos — Nigeria exceeded its production quota set by the Organization of Petroleum Exporting Countries, OPEC and its partners by 84,000 barrels per day in April, data from survey carried out by S&P Global Platts has shown.
The West African country produced 1.6 million barrels per day instead of the 1.516 million barrels in the month under review.
OPEC+ countries overall exceeded their quotas for the month by 25.28 million barrels per day, while a conformity level of 111 percent was achieved in April.
Defaulting countries are expected to compensate for overproduction latest end of September.
OPEC+ ministers plan to convene online by June 1 to review market forecasts, adjudicate compliance, and decide whether or not to continue with their gradual easing of quotas.
Brent traded at $68. 97 at 10:27 AM Nigerian time, gaining 0.47 from the last closing on Tuesday.
This article was originally posted at sweetcrudereports.com