The Organisation of Oil Producing Companies (OPEC), Russia and other allies referred to as OPEC+, have agreed to extend oil production cut till December this year.
Though Minister of State for Petroleum Resources, Mr. Timipre Sylva had insisted weekend that Nigeria has been complying with the quota and would 100 per cent comply to ensure oil market rebound, the cartel has stressed on the need for countries like Nigeria, Iraq and others to fully comply with cut.
OPEC+ had in April agreed on cutting supply by 9.7 million barrels per day (bpd) during May-June. It will further cut 7.7 million bpd from July to December.