Nigeria has got the approval of the Organisation of Petroleum Exporting Countries (OPEC) to increase its crude oil production quota by 19,000 barrels per day in June 2022.
The cartel raised the country’s quota from 1.753mb/d in May to 1.772mb/d in June, upping it up by 1.8%.
In Africa, Nigeria got the approval for the production of the highest volume of crude oil in the month.
The organisation disclosed this in the statement on its 28th OPEC and non-OPEC ministerial meeting.
The statement, however, noted that Angola is to produce 1.480mb/d.
Saudi Arabia and Russia got approval to produce 10.663mb/d each in June.
From the production schedule, OPEC 10 are to produce 25.864mb/d while Non-OPEC are to churn out 16.694mb/d, totally 42.558mb/d that the OPEC+ has planned to produce in June.
The meeting, it said, “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 0.432 mb/d for the month of June 2022.”
According to the statement, it reiterated the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022.
The organisation insisted that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
It has proposed to hold the 29th OPEC and non-OPEC Ministerial Meeting on 2 June 2022.
