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Business News of Friday, 3 June 2022

Source: www.thenationonlineng.net

OPEC increases Nigeria crude oil quota to 1.799b/d

OPEC OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has raised Nigeria crude oil quota from 1.772million barrels per day for June 2022 to 1.799m/d in July 2022.

It was upped by 27,000 barrels, resulting in 3.4% increase in the month of July.

The cartel broke the news in its press statement on its 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference.

According to the statement, the organisation approved the highest production volume of 10.833mb/d for Saudi Arabia and Russia.

While United Arab Emirates is to produce 3.127mb/d, Iraq and Kuwait are to produce 4.580mb/d and 2.768mb/d respectively, OPEC approved 1.753 for Mexico and 1.680mb/d for Kazakhstan.

Nigeria topped African countries list followed by Angola that got approval for 1.502mb/d.

OPEC, said the meeting “advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022.

“Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.”

The meeting, said the cartel, resolved 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 OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.

It also reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of July 2022.

It extended the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022.

Compensation plans, it said, should be submitted in accordance with the statement of the 15th OPEC and non-OPEC ministerial meeting.

It reiterated the critical importance of adhering to full conformity and to the compensation mechanism.

The meeting resolved to hold the 30th OPEC and non-OPEC Ministerial Meeting on 30 June 2022.

Recalled that it had last month increased Nigeria’s quota for the month of June from by 1.8% from 1.753mb/d in May 2022.

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