29.2 C
Thursday, December 7, 2023

Nigeria receives approval from OPEC for 1.718 million barrels per day of oil output

The Organization of Petroleum Exporting Countries (OPEC) authorized 1,718,000 barrels per day of oil output for Nigeria in its revised crude production limit on Wednesday. 

This was stated in a news statement issued on February 2, 2022. 

Saudi Arabia and Russia are at the top of the list, both producing 10,331,000 barrels per day. The organization’s output has been reduced to 41,294,000 barrels per day, according to the statement.  

Angola’s daily allotment is 1,435,000 barrels. 

While ten OPEC countries are expected to produce a total of 25,061,000 barrels per day, non-OPEC countries have been given permission to produce 16,233,000 barrels per day. 

The production quota goes into effect in March 2022, as a result of decisions made at the 25th OPEC and non-OPEC ministerial video conference meeting.  

“In light 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,” according to the statement. 

“Reconfirm the production adjustment plan and monthly production adjustment mechanism authorized at the 19th ONOMM, as well as the decision to increase monthly overall production by 0.4 mb/d in March 2022, as per the accompanying timetable.” 

Moving on, the organization emphasized the crucial need to complete conformance and compensation method, taking advantage of the compensation term extension until June 30, 2022. 

“Compensation plans shall be prepared in conformity with the statement of the 15th ONOMM,” it said.  

Chinaza Ogbachalu
Chinaza Ogbachaluhttps://www.chinazaogbachalu.com/
My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.


I’ll Support Tinubu on Nigeria’s Economic Growth, Security – Biden

President Joe Biden of the United States has vowed...

Anambra State Government Takes Initiatives to Digitalize Its Services

To better serve its citizens, the Anambra State government...

Nigeria Records 55 Million Malaria Cases Annually – FG

The Federal Government said an estimated 55 million cases...

FG Grants Nigerian Citizenship to 385 Foreigners

The Federal Executive Council (FEC) approved the granting of...

What Makes Tinubu Different From Buhari – Fashola

Minister of Works and Housing, Babatunde Fashola has revealed...