OPEC Approves 1.826mb/d Output for Nigeria
The Organisation of Petroleum Exporting Countries (OPEC) yesterday approved 1.826 million barrels per day production quota for Nigeria for next month. In the period in view, the cartel is eyeing a total output of 43.3854mb/d.
While 10 OPEC+ countries have the mandate to produce 26.689mb/d, the Non-OPEC countries got the go head to produce 17.165mb/d. The organisation made this announcement in a statement on its 32nd OPEC and non-OPEC Ministerial Meeting held via videoconference yesterday.
The production table on the meeting noted that Saudi Arabia and Russia, which topped the list are to produce 11.004mb/day each.
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While Sudan has the least quota of 75,000b/d, Nigeria topped the list of African countries, Angola followed her by 1.525b/d quota. The meeting, according to the statement, reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on April 12, 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on July 18, 2021.
It noted that the meeting “Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for September 2022.”
Continuing, the statement noted that request the chairman to consider calling for an OPEC and non-OPEC Ministerial Meeting anytime to address market developments, if necessary.
It reiterated the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
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“The OPEC and non-OPEC Ministerial Meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.
“The meeting noted that higher volatility and increased uncertainties require the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed, and that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market,” OPEC stated.