Nigeria ramps up crude production
Nigeria has increased production to 2.3M b/d according to a statement from the Nigerian National Petroleum Corporation (NNPC), Platts reports. This is about 550K b/d above its production limit under the OPEC+ agreement which came to an end last week. The announcement comes days ahead of an OPEC+ meeting to discuss fresh production cuts. NNPC said it would join other nations in cutting production.
West African crude has struggled to find buyers in recent weeks as the coronavirus hits demand in China and Europe. About 70% of April loading cargoes are unsold, Bloomberg reports.