Following OPEC’s decision on Wednesday, Nigeria can, in the next one year starting January 1, 2017, pursue programmes aimed at increasing its crude oil production capacity and growing national reserves and exports. Although pipeline vandalism reduced daily production, sometimes to as low as 1.4 million barrels, Nigeria’s daily production averages about 2.1 million barrels. The country’s aspiration has been to raise that level to about 2.3 million barrels and build national reserves of about 30 billion barrels. These are some of the benefits the country stands to gain as one of the three countries – out of the 14-member Organisation of Petroleum Exporting Countries, OPEC – granted special concessions from the group’s decision on Wednesday to cut crude oil production by about 1.2 million barrels per day, effective January 1, 2017. OPEC President, Mohammed Al-Sada, explained that the output cut resolution, which would be binding for the first six […]