Nigeria’s Oil Comeback to Test Its Commitment to OPEC+ Cuts
- Improving pipeline security helped production to recover
- Long-term output will depend on independent oil companies
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Africa’s biggest crude producer Nigeria has emerged from a years-long output slump due to improved security, creating a quandary for the government.
Stretched public finances badly need the extra revenue that would come from higher oil exports, but the country is also under pressure to adhere to OPEC+ production limits that have helped keep global crude prices above $70 a barrel.