OPEC postpones Ministerial meeting, as Nigeria ramps up oil production

The Organization of the Petroleum Exporting Countries (OPEC) has postponed a high-level ministerial meeting from November 26, 2023 to November 30, 2023.

According to OPEC+ sources, OPEC members Angola, Congo and Nigeria are struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for November 26.

Chief Corporate Communications officer of the Nigeria National Petroleum Company Ltd, Olufemi Soneye,  speaking with Reuters disclosed that Nigeria is ramping up its production targets ahead of the OPEC+ meeting set to decide on matters including how much oil Africa’s biggest crude producer should aim to pump next year.

“Nigeria was producing 1.7 million barrels per day of crude and condensates as of Nov. 17 and expects to hit 1.8 million bpd by the end of the year,” Soneye said.

Meanwhile, crude oil production (including condensates) declined to 1.56 mbpd in October, indicating a 0.65 percent drop from the preceding month, according to the Nigerian Upstream Petroleum Regulatory Commission.

Nigeria intends to ramp up its crude and condensate output to about 2 million bpd by the end of the first quarter of 2024, he said, adding that the aim is to reach 2.5 million bpd in the next couple of years.

Earlier in a June OPEC+ meeting, the trio of African producers were given lower targets after years of failing to meet the previous ones.

Nigeria saw its 2024 target reduced to 1.38 million bpd from 1.74 million previously, but it will be allowed a higher production target of 1.58 million bpd if three independent consultancies can confirm its capacity to produce at this level.