The Organisation of the Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.772 million barrels per day (mbpd) target approved in June to a new target of 1.799mbpd for July.
A statement issued on Thursday by OPEC said the decision was taken at its 29th OPEC and non-OPEC Ministerial Meeting.
The new target is 27,000bpd higher than the approved quota for June.
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According to the statement, OPEC+ also adjusted upward, the monthly overall production by 648,000bpd for the month of July with a target production of 43.206mbpd.
The statement said: “The 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference on June 2. “The meeting noted the most recent reopening from lockdowns in major global economic centres. 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.” It said the meeting 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 added that the meeting directed that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
A recent Reuters survey had shown that Nigeria’s production output averaged 1.42mbpd in May.
The figure is 70,000bpd higher than the average crude oil production in April, which stood at 1.35mbpd.
Nigeria has been struggling to meet its budget crude oil investment due to lack of new investments in exploration and production of crude oil.
This was further exacerbated by rising insecurity and kidnapping across the country that has forced many foreign direct investors to exit Nigeria for other nations.
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