Nigeria and other OPEC and non-OPEC members at the 35th Joint Ministerial Monitoring Committee Meeting of OPEC held in Vienna, Austria, on Sunday have agreed to cut production volumes in order to ensure global oil market stability just as it allowed Nigeria, Congo and Angola to continue to produce maximally to their OPEC quota of 2023.
Also, Nigeria, Congo and Angola have agreed that the highest production volumes of the last six months from November 2022 to April 2023 should be used as the basis for the determination of their 2024 production quota.
A statement obtained by Persecondnews issued by the Nigerian Head of delegation to the meeting said OPEC has also agreed to allow these countries to continue to produce maximally to their OPEC quota of 2023.
Nigeria’s highest production of crude oil only of 1383KBD was achieved in February 2023.
By this development, Nigeria can ramp up its production up to its current quota of 1742KBD and subsequently be capped at 10% less as its quota for 2024 subject to verification by independent secondary sources.
The statement said the Nigerian delegation is confident that the ongoing security intervention under the leadership of President Bola Ahmed Tinubu will enable the restoration of country’s production to the 1580KBD crude oil only and would be complimented by condensate of about 400KBD.
“This will ultimately enable Nigeria’s crude oil and condensate production of about two million barrels per day in 2024,’’ the statement added.
Crude Oil prices were already trading up ahead of the meeting, but increased even more on Friday afternoon, bringing Brent crude to $76.32 at 4:20 p.m., a $2.06 per barrel increase on the day. WTI was trading at $71.90 per barrel at that time.
