The Organisation of Petroleum Exporting Countries (OPEC) has approved the production quota of 1.826 million barrels for Nigeria.
Gatekeepers News reports that the organisation announced this in a statement on its 32nd OPEC and non-OPEC Ministerial Meeting held via video conference yesterday.
10 OPEC+ countries have the mandate to produce 26.689mb/d while the Non-OPEC countries produce 17.165mb/d.
Saudi Arabia and Russia, which topped the list, are to produce 11.004mb/day each.
While Sudan has the lowest quota of 75,000b/d, Nigeria topped the list of African countries, Angola followed her with a 1.525b/d quota.
“The OPEC and non-OPEC Ministerial Meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.
“The meeting noted that higher volatility and increased uncertainties require the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed, and that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market,” OPEC stated.
The cartel’s target is a total output of 43.3854mb/d.