Organisation of Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.772 million barrels per day (mbpd) to 1.799mbpd for July, 2022. OPEC said this at the weekend during the resolution was taken at its 29th OPEC and non-OPEC ministerial meeting.
The new target of 27,000 barrel per day is higher than the approved quota for June 2022. According to the statement, OPEC has also adjusted upward the monthly overall production by 646,000 barrels per day in July 2022 with a target production of 43,000 million barrels per day for OPEC members.
The meeting noted that the most recent reopening from lockdowns in the major global economic hubs and highlighted the importance of stable markets for OPEC and the non-OPEC members. It also stressed the importance of stable and balanced markets for OPEC and non-OPEC members for crude oil and refined products, adding that the meeting extended the period to the end of December 2022 as requested by some underperforming countries.
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It added that the meeting directed that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC ministerial meeting. A survey showed that Nigeria’s production output averaged 1.4 million barrels per day in May 2022, amounting to 70,000 barrels higher than the average daily crude oil production in April, which stood at 1.3 million barrels per day.
