Minister of state for Petroleum Resources Ibe Kachikwu had said recently that peace moves initiated to end militants' sabotage of oil facilities in the Niger Delta region is expected to regain substantial portion of lost production by August.
But the IEA in its monthly Oil Market Report (OMR) for June said the oil market was not expected to return to a surplus until in the first half of next year.
Sustained attacks by militants have cut Nigeria's oil production to 1.6 million from 2.2 million barrels per day which has led to the country losing its position to Angola as Africa's top crude oil producer.
