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Nigeria to cut oil production

Nigeria

<p>Nigeria will cut its oil production by 1.9 million barrels per day. This will reduce its daily crude oil production to 1.412 million barrels. </p> <p>Abuja is hoping for a $15 rebound in the price per barrel in the short term. This rebound that could bring at least 2.8 billion dollars to the country, according to its oil minister. </p> <p>The decision comes after a historic agreement reached by <span class="caps">OPEC</span> members on Thursday. </p> <p>The latter agreed on a reduction in May and June of the world production up to 10 million barrels per day. </p> <p>The aim is to help the price of black gold, which has fallen victim to the covid-19 pandemic to recover. This fall is suffocating the economies of African producers. </p> <p>Countries have been forced to revise their current budget calculated on a reference price higher than the current prize. That’s below the 20 dollar mark. </p> <p>Nigeria was expecting a barrel of oil at 57 dollars with a production of 2 million barrels per day. </p> <p><strong><span class="caps">AFP</span></strong></p>
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