The Organisation of the Petroleum Exporting Countries (OPEC) has announced it has increased Nigeria’s crude oil production quota from 1.766 million barrels a day in June to 1.799 million barrels per day for the month of July.
OPEC disclosed this in a statement on Thursday after its 29th OPEC and non-OPEC Ministerial Meeting., according to the News Agency of Nigeria.
This comes after the Reuters survey disclosed that Nigeria’s crude oil production witnessed increasing production levels in the month of May after multiple laggard months, rising by 70,000 barrels per day and averaging 1.42 million bpd in May.
What OPEC is saying
OPEC reported that it had adjusted upward the overall monthly production by 648,000bpd for the month of July with a target production of 43.206mbpd.
It said, “The 29th OPEC and non-OPEC Ministerial Meeting were held via videoconference on June 2.
“The meeting noted the most recent reopening from lockdowns in major global economic centers. It further noted that global refinery intake is expected to increase after seasonal maintenance.
“The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products.”
OPEC also announced it has extended the compensation period until the end of December as requested by some underperforming countries and requested that underperforming countries submit their plans by June 17.
What you should know
- Nairametrics reported last month that OPEC increased Nigeria’s oil production quota from the 1.735 million barrels per day (mbpd) target approved in May 2022 to a new target of 1.772mbpd for June 2022 as Nigerian output posted a 40,000bdp decline in April 2022
- Nigeria’s crude oil production witnessed increasing production levels in the month of May after multiple laggard months, rising by 70,000 barrels per day and averaging 1.42 million bpd in May, disclosed in the Reuters Crude Oil production Survey
- The survey stated that May’s output of the Organisation of the Petroleum Exporting Countries (OPEC) exceeded the rise planned under a deal with allies for the first time since February, citing higher Saudi and Iraqi supply combined with a partial recovery in outage-hit Nigeria.