Business

OPEC Raises Nigeria’s Crude Oil Production Quota by 19,000b/d

Pinterest LinkedIn Tumblr

Nigeria yesterday got the approval of the Organisation of Exporting Countries (OPEC) to increase its crude oil production quota by 19, barrels per day in June 2022.

OPEC Raises Nigeria’s Crude Oil Production Quota
OPEC Raises Nigeria’s Crude Oil Production Quota

The cartel raised the country’s quota from 1.753mb/d in May to 1.772mb/d in June, an increase of 1.8 percent.

In Africa, Nigeria got the approval for the production of the highest volume of crude oil in the month.

The organization disclosed this in the press statement it issued at its 28th OPEC and non-OPEC Ministerial Meeting.

The statement, however, noted that Angola is to produce 1.480mb/d.

Saudi Arabia and Russia got approval to produce 10.663mb/d each in June.

From the production schedule, OPEC is to produce 25.864mb/d while Non-OPEC is to churn out 16.694mb/d, a total of 42.558mb/d that the OPEC+ has planned to produce in June.

The meeting, it said, “reconfirmed 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 0.432 mb/d for the month of June 2022.”

The statement 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.

The organization insisted that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting. It has proposed to hold the 29th OPEC and non-OPEC Ministerial Meeting on 2 June 2022.

OduNews on Google News

Submit press release, news tips to us: [email protected] | Follow us @ODUNewsNG