New Telegraph

OPEC increases Nigeria’s oil production quota

The Organisation of Petroleum Exporting Countries (OPEC) yesterday slightly increased the crude oil supply quota of Nigeria to 1.830million bpd. Nigeria’s production quota was also increased in August by 1.5 per cent amounting to 1.826million bpd from 1.799mbpd in July 2022.

The oil cartel and its allies during the 31st OPEC and non-OPEC ministerial meeting held via videoconference on August 3, 2022 agreed to increase overall supply slightly by just 100,000 bpd. This is a small fraction of the group’s overall output and a far smaller increase than it reviewed up in recent months. According to a production table posted on OPEC’s website, the required production for September 2022 for Algeria is 1.057mbpd; Angola 1.529mbpd; Congo, 325mbpd; Equatorial Guinea, 127mbpd; Gabon, 187mbpd; Iraq, 4.663mbpd; Kuwait, 2.818mbpd; Saudi Arabia, 11.030mbpd; United Arab Emirate, 3.186mbpd; and Azerbaijan, 718mbpd. Others are Bahrain, 205mbpd; Brunei, 102mbpd; Kazakhstan 1.710mbpd; Malaysia, 595mbpd; Mexico, 1.753mbpd; Oman, 883mbpd; Russia, 11.030mbpd; Sudan, 75mbpd; and South Sudan, 130mbpd. According to a post, OPEC during the meeting noted the dynamic and rapidly evolving oil market fundamentals, necessitating continuous assessment of market conditions.

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