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OPEC approves Nigeria’s request for 1,718,000 bpd

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ORGANISATION of Petroleum Exporting Countries (OPEC) has given its nod to Nigeria’s request for 1,718,000 barrels per day crude oil production.

  A press release issued in Vienna, Austria, by the influential global cartel, yesterday, said Nigeria got the approval following sustained agitation and in the exercise of OPEC’s periodic revision of member countries’ production quotas which it approved in its decision of the 25th OPEC and non-OPEC ministerial video conference meeting.

  According to the statement, the organisation has reviewed its production to 41,294,000 barrels per day.

  While 10 OPEC nations are to cumulatively produce 25,061,000 barrels per day, non-OPEC countries have been cleared to produce 16,233,000 barrels per day with the production quota taking effect from March.

  The release further said some other countries got same approval with Saudi Arabia and Russia coming top of the list with 10,331,000 barrels per day while Angola’s quota was pegged at 1,435,000 barrels per day.

  “In view 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.

Reconfirm 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, as per the attached schedule. OPEC also 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. Consequently, compensation plans should be submitted in accordance with the statement of the 15th ONOMM,” the statement read.

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