OPEC cut: Nigeria’s oil production quota to increase to 1.666mbpd amid increasing oil prices
By Uthman Salami
Nigerian’s oil production quota has been raised to 1.666 million barrel per day by the Organisation of Petroleum Exporting Countries (OPEC) as a result of prevailing changes in the oil prices index.
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) on last week raised the production quota of members by 0.4 percent, with Nigeria’s quota rising to 1.666 million barrels per day (mbpd) for December.
Members of OPEC and Non-OPEX arrived at this resolutions during the end of the 22nd Ministerial Meeting which was held through a video-conference.
This increment and additional production means that about 400,000 barrel per day of oil would be added to Nigeria’s production starting next month from the 1.649mbpd agreed for the country this month of November.
This resolutions also came when oil oil prices rose over $2 as the Brent crude sole for $84.14 a barrel, after it had dropped to $81bn on Wednesday.
The meeting reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to ensure a stable and a balanced oil market, the efficient and secure supply to consumers and to provide clarity to the market.
This was in accordance with a factsheet on the meeting proceedings from the OPEC headquarters in Vienna, Austria, it said this is crucial at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability, and to continue to adopt a proactive and transparent approach which has provided stability to oil markets.
The Meeting also re-enacted the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4mb/d for the month of December 2021,’ it stated.
The OPEC Secretariat said the 23rd OPEC and non-OPEC Ministerial Meeting will be held on 2nd December.
According to the quota list made available online, the total oil output for December for OPEC+ will be 40.094mbpd comprising 24.300mbpd by OPEC 10, 15.794mbpd for Non-OPEC members.
In Africa, Nigeria is ahead of Angola which is producing 1.392mbpd, while Congo will do 962,000bpd.
