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.
