Amidst low production, the Organisation of Petroleum Exporting Countries (OPEC) has again, raised Nigeria’s oil production quota from 1.753million barrels per day in May to 1.772mb/d for June 2022.
The Organisation made the disclosure at its 28th OPEC and non-OPEC Ministerial Meeting according to a statement it released on Thursday.
This is coming despite Nigeria’s inability to meet its daily quota as its daily production, based on recent figures, is below 1.4mb/d.
According to the statement, the OPEC and participating non-OPEC oil-producing countries decided to reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting.
This, it said, includes the decision to adjust upward, the monthly overall production by 0.432 mb/d for June 2022.
The statement partly read: “Following the conclusion of the 28th OPEC and non-OPEC Ministerial Meeting, held via video conference on 5th May, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.
“It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic.”
A breakdown of the required production for the month under review showed that apart from Nigeria, Saudi Arabia and Russia are to produce 10.663mb/d each while Iraq, UAE and Kuwait got approval for 4.509mb/d, 3.075mb/d and 2.724mb/d respectively.
For OPEC 10 a total of 25.864mb/d is expected while the OPEC+ countries and non-OPEC are to produce 42.558mb/d and 16.694mb/d respectively.
The OPEC however, reiterates 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.
“Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting,” it added.
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