The Minister of State for Petroleum Resources, Timipre Sylva, says Nigeria has not yet met the terms of the agreement by the Organisation of Petroleum Exporting Countries (OPEC) and is currently below the level of the agreed cuts.
A statement from the minister said the discussion between the two ministers focused on developments in the global oil markets, the improvement in demand for oil, and progress towards full implementation of the OPEC+agreement.
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Sylva, in a telephone conversation with his Saudi Arabia counterpart, Abdulaziz Bin Salman Al Saud, on Monday, said Nigeria would raise its level of conformity to 100 percent and compensate, during the months of July, August and September, for the overproduction in May and June.
The two countries reiterated their firm commitment to the OPEC+ agreement and to the level of production cuts to reduce output.