Last Friday’s resolution by the Organisation of Petroleum Exporting Countries (OPEC) to cut 800,000 barrels, or 2.5 per cent of members daily output, will see Nigeria’s daily oil production drop by a minimum of 43,775 barrels, effective January 2019. The drop is expected to remain in place for an initial six months period until June 2019. But, a communique at the end of the 175th meeting of the 15-member oil group in Vienna, Austria on Friday said the cut was subject to a review in April 2019. In the communique, OPEC said the latest cut, which would help stabilise and strengthen crude oil prices at the international oil market, would be based on members’ October oil production levels. Nigeria has consistently been producing below the 2.3 million barrels daily benchmark in the approved budgets, since 2016. The latest cut will further reduce the output level by 43,775 barrels, in […]