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OPEC approves 1.72m for Nigeria, Angola 1.4m b/pd

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The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day for Nigeria.

The alliance of OPEC members led by Saudi Arabia and non-members led by Russia agreed Wednesday to add 400,000 barrels per day in March.

That is in line with plans by the OPEC+ group to add that amount of oil every month and gradually restore deep cuts made during the depths of the coronavirus pandemic in 2020.

It gave Angola 1,435,000 barrels per day production quota. Saudi Arabia and Russia top the list with 10,331,000 barrels per day.

According to the statement, the organisation has reviewed its production to 41,294,000 barrels per day.

While 10 OPEC nations are expected to produce 25,061,000 barrels per day, the non-OPEC countries have approval for 16,233,000 barrels per day.

The production quota is effective from March 2022, according to the organisation’s press release dated February 2nd, 2022.

It was the decision of the 25th OPEC and non-OPEC ministerial videoconference meeting.

OPEC said: “In view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to: Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.

“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022, as per the attached schedule.”

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