NIGERIA’S crude oil production quota for the month of July was increased to 1.799 million barrels per day from 1.766 million barrels a day in June.
The Petroleum Exporting Countries (OPEC) on its official website, yesterday, after its 29th OPEC and non-OPEC Ministerial Meeting gave the figures.
The cartel also said it adjusted upward the overall monthly production by 648,000bpd for the month of July with a target production of 43.206mbpd.
“The 29th OPEC and non-OPEC Ministerial Meeting were held via videoconference on June 2. The meeting noted the most recent reopening from lockdowns in major global economic centers. It further noted that global refinery intake is expected to increase after seasonal maintenance. The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products. OPEC has also extended the compensation period until the end of December as requested by some underperforming countries and requested that underperforming countries submit their plans by June 17,” the statement reads.
It will be recalled that reports recently said Nigeria’s crude oil production witnessed increasing production levels in the month of May after multiple laggard months, rising by 70,000 barrels per day and averaging 1.42 million bpd in May.