Nigeria is ready to make the sacrifice and cut its oil production deeper if OPEC and allies decide in December that it is necessary to deepen the cuts, Nigerian Minister of State for Petroleum Resources, Timipre Sylva, told Bloomberg in an interview on Friday. Nigeria has been one of the largest overproducers and non-compliant OPEC members in the production cut deal this year. Nigerian overproduction has offset some of the cuts of its fellow OPEC members at a time when the oil market continues to be oversupplied with rising U.S. production and faltering oil demand growth. Asked if he thinks that the OPEC+ group would need to make deeper cuts to prevent a surplus next year, Sylva told Bloomberg that the oil market is unpredictable right now. “But if we need to make deeper cuts in December, we’ll make cuts,” he said, adding that “We cannot allow prices to […]