OPEC AND OIL PRICES

Nigeria Confirms September Cutback to 1.3mn b/d 

Nigeria has confirmed that it will be cutting production to 1.3mn b/d as from 1 September in order to meet its quota limitation under the interim OPEC production accord. This was announced by Nigeria's Oil Minister, Mr. Rilwanu Lukman, in Lagos on 12 August after talks with senior oil executives. Mr. Lukman said that, to compensate for falling oil prices, Nigeria had raised its crude output to 1.4mn b/d in...