The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day (bpd) quota for Nigeria.
Also, the oil cartel revised Angola’s daily production to 1,435,000 bpd while Saudi Arabia and Russia topped the list with 10.331 million bpd quota.
The oil cartel’s latest quota adjustments showed that oil producing countries’ production had been revised upward to 41,294,000 bpd, with 10 OPEC member-countries expected to produce 25.061 million bpd while non-OPEC countries have approval for 16.233 million bpd.
According to a statement by the OPEC, the decision to revise upward the countries’ daily quota with effect from March 2022, was reached during its 25th OPEC and non-OPEC Ministerial Meeting (ONOMM) held through video conferencing.
OPEC stated: “In view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to: Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting of 12 April 2020, and further endorsed in subsequent meetings, including the 19th OPEC and Non OPEC Ministerial Meeting (ONOMM) on 18 July, last year.
“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022”, the oil cartel added.
It stressed the need for member-countries to strictly comply with the production quota and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June, this year.
This is even as it charged the member-countries to ensure that compensation plans are submitted in accordance with the statement of the 15th ONOMM.”
