shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Nigeria’s Oil Production Bar Rises To 1.666mbpd

Nigeria’s Oil Production Bar Rises To 1.666mbpd

by Joshua
November 8, 2021
in Oil and Gas

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.

OPEC

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.

Read Also:  AT 2021 GRADUATION: WMU President Charges Graduates: “Oceans Are A Precious Resource, Make Sure You Do Your Best To Protect Them

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.

shippingposition

Kindly like us on Facebook


Tags: Oil ProductionOPEC

Related Posts

Nigeria’s Daily Crude Oil Production Drops To 937,766 bpd In September

Nigeria’s Crude Oil Export Revenue Drops by 17% to $6.68 Billion in First Two Months of 2025

June 1, 2025
President Tinubu Signs 6 IMO Instruments Of Accession

FG Rallies Stakeholders to Accelerate Nigeria’s Gas Revolution, Signs Agreement with Ten Equity Partners

June 1, 2025
The Return of Standards Organisation of Nigeria to the ports

SON Raises Concern Over Influx Of Adulterated Lubricants, Engine Oil

June 1, 2025
Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

June 1, 2025

Discussion about this post

Latest News

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

July 14, 2025

At Last, Lekki-Epe Corridor Stakeholders Agree On August 1st Enforcement Date For E-Call-Up 

Nigeria Losing Billions To Boat Importation As Indigenous Operators Urge Local Shipbuilding Drive

Court Ruling Against CRFFN’s Regulatory Powers Tears Customs Brokers Apart   

Oyetola Reaffirms Commitment to Logistics Reform, Commissions Zenith Carex HQ

Let the Council for the Regulation of Freight Forwarding in Nigeria Breathe

MONDAY INTERVIEW: “70% of the crew of Ocean Dragon are Nigerians”— Mrs Bernadine Eloka 

KNOW YOUR BODY PARTS: Body Mass Index (BMI)

Less Salt, Longer Lives: Nigeria’s Push For A Healthier Future

The Usefulness Of Watermelon Seeds You May Not Know

NPA Bags NASS PAC Transparency Award

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

kindly like our Facebook page

Health

The Usefulness Of Watermelon Seeds You May Not Know
Health

The Usefulness Of Watermelon Seeds You May Not Know

July 14, 2025

Watermelon is one fruit that’s hard to resist when it gets too hot. It’s sweet and is high in water...

KNOW YOUR BODY PARTS: THE HEART

KNOW YOUR BODY PARTS: THE HEART

June 30, 2025
Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

June 30, 2025
Contraceptive Pills Can’t Cause Cervical Cancer – Expert

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025
ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition