Nigeria delays oil export plans as output cut discussions continue amid market glut

Nigeria delays oil export plans as output cut discussions continue amid market glut

Nigeria’s state oil company has delayed publishing its future oil export plans as it negotiates with local companies and international majors on who will rein in output in line with an production cut deal by top producers, trading sources said.

“The OPEC+ quota has to be implemented for the new (June export) program as well as revising the May programs already issued,” a Nigerian oil trading source told Reuters.

“May cargoes will get delayed and new June cargoes may be relatively few.”

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