Nigerian National Petroleum Corp. has contacted some of its crude oil buyers to inform them that it will be reducing export volumes by 5% in November and December, traders of West African crude based in London said Friday.
The move follows a decision taken last week by the Organization of Petroleum Exporting Countries to cut the group's total output and echoes a similar step taken by the Abu Dhabi National Oil Co., which, earlier this week, also informed some customers it was cutting.