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.”