Newspaper article THE JOURNAL RECORD

Iran, Nigeria Show No Signs of Reducing Oil Production

Newspaper article THE JOURNAL RECORD

Iran, Nigeria Show No Signs of Reducing Oil Production

Article excerpt

NICOSIA, Cyprus (AP) _ There is no sign that major oil producers Iran and Nigeria have reduced output, despite last month's decision by the Organization of Petroleum Exporting Countries to make cuts, the Middle East Economic Survey reported Monday.

The oil newsletter, published in Nicosia, said neither country has advised customers of any cuts in oil shipments. In the case of Nigeria, none of the significant production companies has yet received government instructions to cut production, it said.

The weekly said "there has as yet been no indication that any cutback is in fact being scheduled" by the two countries.

Iran currently produces 3.4 million barrels a day, MEES estimated, meaning that it must cut more than 200,000 barrels a day to reach its OPEC quota of 3.184 million barrels a day.

Nigeria's quota of 1.751 million barrels a day would require a reduction of 125,000 barrels a day from its present estimated production of around 1.9 million barrels a day, the Survey reported. …

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