The Organisation of Petroleum Exporting Countries (OPEC) has adjusted its monthly production quota for member countries and participating non-OPEC oil-producing countries.
This was even as it approved 1,718,000 barrels per day for Nigeria while other countries such as Angola, UAE, Iraq
1,435,000b/d, 2,976,000b/d and 4,370,000b/d respectively.
In a statement, on Wednesday, the organisation at its 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), said the adjustment takes effect from March 2022.
According to the meeting comprising OPEC and participating non-OPEC oil-producing countries, it said the adjustment was in view of current oil market fundamentals and the consensus on the outlook.
It reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022.
In an overall production schedule attached to the release, Saudi Arabia and Russia were both given 10,331,000b/d.
Meanwhile, the OPEC 10 countries are to produce 25,061,000b/d while 16,233,000b/d was approved for non-OPEC countries.
The daily production of OPEC was reviewed to 41,294,000b/d.
Subsequently, the organisation reiterated the critical importance for nations to adhere to full conformity and to the compensation mechanism, “taking advantage of the extension of the compensation period until the end of June 2022.”
It further stated that: “Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.”
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OPEC reviews oil production quota for countries
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