Nigeria commits to new OPEC+ targets after earlier non-compliance

DUBAI (Bloomberg) - Nigeria said it reaffirms its commitment to the OPEC+ deal struck on Saturday and “subscribes to the concept of compensation” from members pumping above their quota.

“We are in full alignment with the decision to closely monitor the market dynamics and it is our conviction that the current gradual recovery being witnessed will be sustained to full traction,” the Nigerian Ministry of Petroleum Resources said in a statement posted on Instagram.

Nigeria, along with nations such as Iraq, Angola and Kazakhstan, under-complied with its OPEC+ commitment to cut oil exports in May as the cartel sought to prop up prices. While it was meant to produce 1.4 million barrels daily, it ended up pumping more than 200,000 barrels a day above that target.

Saudi Arabia and Russia, the de facto leaders of OPEC+, pushed lagging members to comply and accept stricter monitoring at a meeting over the weekend. The group agreed to extend its current supply cuts of almost 10 million barrels a day for at least a month until the end of July.