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Saudi Arabia commends Nigeria over oil output cut implementation

Nigeria has received commendation from Saudi Arabian government on Thursday for  fully implementing  compensation cuts to make up for oil overproduction.

Saudi Arabia’s Minister of Energy Abdulaziz bin Salman gave the commendation at a meeting of the organisation of the Petroleum Exporting Countries (OPEC) in Geneva.

Nigeria, which is the largest oil producer in Africa, is one of the OPEC member states that have struggled to comply with the oil cuts established by the organisation.

“I sincerely congratulate Nigeria on completing the compensation (for oil overproduction),” bin Salman said.

The OPEC+ alliance has established a mechanism, which allows those members, who failed to comply with the oil production quotas, to compensate for their shortcomings later, in accordance with their plan.

In January, Nigeria’s Minister of State for Petroleum Resources Timipre Sylva said the country intended to fully offset shortfalls with the OPEC+ oil production cuts by March.

 

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