Nigeria cancels oil deals with South Africa and Kenya

Mar 05, 2002 01:00 AM

The Nigerian government has cancelled its crude oil supply contracts with South Africa and Kenya for the supply of a total 150,000 bpd of oil. The report quoted the senior officials from the state-owned Nigerian National Petroleum Corporation as saying that the government cancelled the deals after the nation reduced its crude oil output in line with its new official quota stipulated by OPEC.

Nigeria's quota dropped to 1.787 mm bpd from 1.911 mm bpd under the OPEC production cutback agreement taking effect from January 1, 2002. Nigeria had supplied 120,000 bpd of crude oil to South Africa and 30,000 bpd to Kenya under the deals with the two African countries.
The contracts were part of the special arrangement between governments as compared to the term contracts Nigeria usually signs with oil traders from Europe and America.

Source: Xinhua
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