The Organisation of Petroleum Exporting Countries and its allies (OPEC+) on Thursday raised the production quota of members by 0.4 percent, with Nigeria’s quota rising to 1.666 million barrels per day (mbpd) for December.
The resolution was reached at the end of 22nd OPEC and non-OPEC Ministerial Meeting, held via videoconference. The additional production means 400,000 bpd of oil will be added to Nigeria’s production next month from the 1.649mbpd agreed for the country this month of November.
This is as oil prices rose over $2 as the Brent crude sole for $84.14 a barrel, after it had dropped to $81/b last Wednesday.
According to a factsheet on the meeting proceedings from the OPEC headquarters in Vienna, Austria, the meeting reaffirmed the continued commitment of the participating countries in the declaration of Cooperation (DoC) to ensure a stable and a balanced oil market, the efficient and secure supply to consumers and to provide clarity to the market.
It said this is crucial at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability, and to continue to adopt a proactive and transparent approach which has provided stability to oil markets.
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The Meeting 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 0.4mb/d for the month of December 2021,’ it stated.
The OPEC Secretariat said the 23rd OPEC and non-OPEC Ministerial Meeting will be held on 2nd December.
According to the quota list seen on Thursday, the total oil output for December for OPEC+ will be 40.094mbpd comprising 24.300mbpd by OPEC 10, 15.794mbpd for Non-OPEC members.
In Africa, Nigeria is ahead of Angola which is producing 1.392mbpd, while Congo will do 962,000bpd.
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