Oil & Gas

OPEC’s approves 1.718m bpd oil production for Nigeria

Access Bank
In its reviewed crude production quota, the Organization of Petroleum Exporting Countries (OPEC) on Wednesday approved 1,718,000 barrels per day oil production for Nigeria.
This was contained in a press release dated February 2nd, 2022.

Saudi Arabia and Russia top the list with 10,331,000 barrels per day. According to the statement, the organisation has reviewed its production to 41,294,000 barrels per day.

Angola’s quota is 1,435,000 barrels per day.

While 10 OPEC nations are to cumulatively produce 25,061,000 barrels per day, the non-OPEC countries have been cleared to produce 16,233,000 barrels per day.

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The production quota is effective from March 2022 and springs from decisions at the 25th OPEC and non-OPEC ministerial video conference meeting.

The statement reads: “In view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to reaffirm the decision of the 10th OPEC and non-OPEC ministerial meeting on 12 April, 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.

“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022, as per the attached schedule.”

Continuing, the organisation reiterated the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022.

It added: “Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.”

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