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OPEC Raises Nigeria’s Production Quota To 1.830mbpd
The Organisation of Petroleum Exporting Countries (OPEC), and its allies (OPEC+) have increased Nigeria’s crude oil output quota to 1.830million barrels per day, mb/d, taking effect in September, 2022.
The August, 2022 quota is 1.826mb/d.
The decision, taken at the 31st OPEC and non-OPEC Ministerial Meeting, held via video conference, yesterday, was targeted at achieving stability in the global market as quota for several other oil producing countries were also reviewed upwards.
A closer look at the September 2022 Required Production showed that amongst African producers, Nigeria’s 1.830mb/d was the highest, while Sudan’s 75,000bp/d was the lowest.
Meanwhile, the price of Bonny Light returned to $100 per barrel, after a brief drop below the mark.
But it is doubtful if Nigeria, currently producing about 1.4mb/d, including condensate would meet the new quota after failing to meet the lower quota for several months in a row.
The Nigerian National Petroleum Company Limited (NNPC), has attributed the failures to increased pipeline vandalism, oil theft and illegal refining in the Niger Delta.
However, in a statement, OPEC, stated: “The Meeting noted the dynamic and rapidly evolving oil market fundamentals, necessitating continuous assessment of market conditions.”
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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