Nigeria met only 19% OPEC+ cut compliance in May – Survey: Nigeria met only 19 percent of its promised reduction in line with the Organisation of the Petroleum Exporting Countries (OPEC) agreed cuts for the month of May 2020.
OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut. OPEC and its allies in April agreed to cut supply by a record 9.7 million bpd from May 1 in order to lift slump in demand and prices caused by the coronavirus crisis.
In a survey carried out by Reuters over the weekend, it was discovered that Nigeria, alongside Iraq, did not fully comply with their share of the reduction.
On average, the 13-member OPEC pumped 24.8 million barrels per day in the month of May, compared with 30.71 million barrels per day in April.
In the month of May, they delivered 4.48 million barrels per day of the pledged reduction, equal to 74 percent compliance, the survey found.
May’s output was the lowest by OPEC since 2002, excluding membership changes since then, the survey records show.
Providing a breakdown, the biggest drop in supply came from Saudi Arabia, which pumped a record 11.7 million barrels in April. Saudi’s supply is expected to drop even further in June after it agreed to cut one million barrels per day
The United Arab Emirates and Kuwait also cut back sharply, sources in the survey said. Both had also pumped at record rates in April.
The sharp cuts in May, however, are watered down by the fact that several OPEC members, including Kuwait, the UAE, and Saudi Arabia, produced record-high volumes in April, which flooded the market in the face of a demand plunge.
For May, Iraq reached just 38 percent compliance with its promised cuts, continuing a trend it also had in 2019.
Venezuela and Iran reduced output in May, while Libyan supply was steady. All three were exempt from voluntary cuts because of US sanctions or internal issues limiting production.
Iran is seeing a drop in fuel use because of the coronavirus outbreak, compounding the impact of sanctions on supply. Venezuela, contending with both US sanctions and a long-term decline in output, posted another drop in exports.
Oil output in Libya has plunged since January 18 due to a blockade of ports and fields by groups loyal to eastern-based commander, Khalifa Haftar. Production averaged 100,000 barrels per day in May, the survey found.
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Toyota 4Runner=N850,000.
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Ford Escape=N700,000.
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AUCTION AUCTION AUCTION
(07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
FOR SALES,
APPROVED BY THE FEDERAL
GOVERNMENT AT A CHEAPER AND
AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
SHOULD CONTACT ME ON
(07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!
THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
BAGS OF RICE =N10,000
KEG OF OIL=N7,500
CAR FEATURES AND PRICES BELOW
GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000
Toyota Camry Big Daddy=N650,000.
Toyota Camry Tiny-Light=N450,000.
Toyota Avensis=N550,000.
Toyota Hilux=N1M
Toyota Avensis=N650,000.
Toyota Camry Muscle=N 600,000. & Spider=N600,000.
Toyota Avalon=N550,000
Toyota Rav4 SUV=N800,000.
Toyota Sienna=N850,000.
Toyota 4Runner=N850,000.
Toyota Tundra=N1.5M
Toyota picnic=N450,000.
Toyota Highlander=N1M.
Toyota Corolla=N550,000.
Toyota Prado=N2M
Toyota LandCruisser=N2.8M.
Toyota Yaris=N500.000.
Toyota Matrix=N450,000.
Toyota Haice Bus=N950,000
Acura MDX =N900,000.
Acura ZDX=N970,000
Acura TL=N850,000.
Honda Pilot=N800,000.
Honda Baby Boy=N650,000.
Honda End of Discusson(EOD)=N550,000.
Honda Odyssey=N800,000.
Honda Accord=N550,000.
Honda CRV=N600,000.
Honda Civic=N500,000.
Infinity Fx35=N1.7m.
Infinity Fx45=N1.2m.
Infinity Qx4=600,000.
Nissan Murano=N700,000.
Nissan Pathinder=N500,000.
Nissan Altima=N500,000.
Nissan Maxima=N450,000.
Nissan Xterra=N600,000.
Nissan Quest=450,000.
Nissan Amanda=N550,000
Lexus Rx330=N750,000.
Lexus Gx460=N1m.
Lesus Rx300= N650,000
Lexus Rx320=N680,000
Lexus Lx650=N500,000.
LexusRx350=N1.2M
LexusGx470=N850,000.
Ford Escape=N700,000.
Ford Explorer=N8500,000.
Land Rover Discovery=N1.9m.
Land Rover Freelander=N1.3
TRUCKS LIKE , VOLVO, MAN AND MERCEDES ARE ALSO AVAILABLE.!!!
, All
VEHICLES ARE IN GOOD
CONDITION, INSTALLMENTAL PAYMENT IS
ALLOWED
WE OFFER DELIVERY TO ALL
36 STATES IN NIGERIA. CONTACT ME ON (07026536478☎️) TO PLACE AN ORDER NOW.