The Organisation of Petroleum Exporting Countries, OPEC, has increased Nigeria’s crude oil production to 1.649 million barrels per day, (b/d) in its November production requirement by member countries.
This represents an increase of 9.04 per cent when compared to the September production quota pegged at 1.5 million b/d.
OPEC+ had earlier disclosed that it would stick to its existing agreement of gradual increase in oil output, this will be a major concern for Nigeria, as the nation was not able to reach the quota placed by the body in previous months.
According to the OPEC market report for September, Nigeria was only able to produce 1.271mb/d as against the 1.5mb/d requirement.
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In the 21st OPEC and non-OPEC Ministerial meeting, held via videoconference, yesterday, the body stated that, “In view of current oil market fundamentals and the consensus on its outlook, OPEC and participating non-OPEC oil-producing countries reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19 OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
“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 0.4 mb/d for the month of November 2021, as per the attached schedule.
“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 December 2021. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.”
It will hold the 22nd OPEC and non-OPEC Ministerial Meeting on 4 November 2021.