OPEC increases Nigeria output to 1,829,000mb/d from April 2022

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The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria’s crude oil production output to 1,829,000 barrel per day from April 2022 to May 2022.

Nigeria’s June quota was 1.554mb/d.

The increase is coming on the heels of the organisation’s decision to raise its output by 0.4million barrel /day on a monthly basis from August 2021 until the phasing out of 5.8mbd production adjustment in December 2021 assess market developments and Participating Countries’ performance.

This was made known in its Declaration of Cooperation statement from the 19th OPEC and non-OPEC Ministerial Meeting in Vienna, Austria.

The OPEC added it was in view of the current oil market fundamentals and the consensus on its outlook.

The statement noted that the Participating Countries: reaffirmed “the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings, including on 12 April 2020.

“Extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st December 2022.”

It decided to adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 up until phasing out the 5.8 mbd production adjustment and in December 2021 assess market developments and Participating Countries’ performance.

The statement added that the organisation will continue to adhere to the mechanism to hold monthly OPEC and non-OPEC Ministerial Meetings for the entire duration of the Declaration of Cooperation to assess market conditions and decide on production level adjustments for the following month, endeavoring to end the production adjustment by the end of September 2022 subject to market conditions.

The statement noted that it decided to adjust effective 1st May 2022, the baseline for the calculations of the production adjustments according to the attached table.

SOURCE:  THE NATION

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