Northern Nigerian Breaking News

OPEC raises Nigeria’s production quota to 1.772mbpd for June

6

The Organisation of the Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.735 million barrels per day (mbpd) target approved in May 2022 to a new target of 1.772mbpd for June 2022.

A statement issued on Thursday said OPEC took the decision at its 28th OPEC and non-OPEC Ministerial Meeting despite Nigeria missing its approved target for April 2022 by 40,000bpd.

The new target is 19,000bpd higher than the approved quota for May 2022.

OPEC also adjusted upward the monthly overall production by 432,000bpd for the month of June 2022 with a target production of 42.558mbpd.

“Following the conclusion of the OPEC 28th and non-OPEC Ministerial Meeting, held via videoconference on May 5, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.

“It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic,” the statement said.

Read Also:Allow peace to reign in Nigeria- Sultan urges Politicians

- Advertisement -

It said the meeting reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on April 12, 2020 and endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the July 18, 2021.

The statement said the meeting also reconfirmed the production adjustment plan and the decision to adjust upward the monthly overall production by 432,000bpd for the month of June 2022.

It said the meeting reiterated the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022.

According to the statement, compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting while the next meeting will hold on June 2, 2022.

The News Agency of Nigeria (NAN) reports that a Reuters survey showed that Nigerian output posted a 40,000bpd decline in April 2022.

The survey said that “force majeure” remains in place on the Bonny Light export stream.

It noted that in spite of the decline in production by Nigeria, OPEC pumped 28.58mbpd in April, up 40,000 bpd from the previous month and short of the 254,000bpd increase called for under the supply deal. (NAN)

6 Comments
  1. zoritoler imol says

    Do you have a spam problem on this blog; I also am a blogger, and I was curious about your situation; many of us have created some nice procedures and we are looking to trade methods with other folks, be sure to shoot me an email if interested.

  2. gralion torile says

    Just what I was looking for, thanks for putting up.

  3. cell phone hackers online says

    Hey there! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing several weeks of hard work due to no back up. Do you have any solutions to protect against hackers?

  4. cell phone hackers online says

    I appreciate, cause I found just what I was looking for. You have ended my 4 day long hunt! God Bless you man. Have a great day. Bye

  5. zorivareworilon says

    I will immediately grab your rss as I can’t find your e-mail subscription link or newsletter service. Do you’ve any? Kindly let me know in order that I could subscribe. Thanks.

  6. buddha statue says

    fantastic post, very informative. I ponder why the opposite specialists of this sector do not understand this. You must proceed your writing. I’m confident, you have a huge readers’ base already!

Leave A Reply

Your email address will not be published.