The Organization of Petroleum Exporting Countries, OPEC and its allies, have increased Nigeria’s oil quota to 1.830 million barrels per day, mb/d in September 2022, from 1.826 mb/d in August 2022.
This was disclosed at the 31st OPEC and non-OPEC Ministerial meeting held on Wednesday. The decision is one of the moves, targeted at achieving increased stability in the global oil market.
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Consequently, prices of many crudes, including Nigeria’s Bonny Light, bounced back to over $100 per barrel in the global market.
However, it is doubtful if Nigeria, currently producing about 1.4 mb/d, including condensate, would meet its target due to lingering pipeline vandalism, oil theft and illegal refining in the Niger Delta region of the country.
Source: The Eagle Online
