Business
OPEC Approves 1.826mb/d Output For Nigeria
The Organisation of Petroleum Exporting Countries (OPEC) has approved 1.826million barrels per day production quota for Nigeria for October 2022.
Within 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 ahead to produce 17.165mb/d.
The organisation made this announcement in a statement on its 32nd OPEC and non-OPEC Ministerial Meeting, which was held via videoconference on Monday.
The production table on the meeting noted that Saudi Arabia and Russia, which topped the list, are to produce 11.004mb/day each.
While Sudan has the least quota of 75,000b/d, Nigeria topped the list of African countries, followed by Angola with 1.525b/d quota.
The meeting, according to the statement, reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020, and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.
It noted that the meeting “Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of 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 the month of September 2022.”
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