Minister of State for Petroleum Resources (Petroleum) Heineken Lokpobiri said Nigeria would abide by production quotas set by the Organization of the Petroleum Exporting Countries (OPEC).
On June 2, OPEC extended Nigeria’s crude oil production quota of 1.5 million barrels per day (bpd) until 2025.
OPEC said Nigeria should maintain production levels until December 31, 2025.
At a cabinet meeting on November 30, 2023, the oil cartel raised Nigeria’s production level to 1.5 million barrels per day in 2024.
However, Nigeria’s production is below its quota.
Speaking after OPEC’s 56th Joint Ministerial Monitoring Committee (JMMC) held on October 2, the minister said Nigeria remains fully committed to the objectives of the organization’s Declaration of Cooperation (DoC). said.
“Nigeria remains fully committed to the DoC objectives and we can confidently confirm that our country is complying with the agreed production limits,” he said.
“While we continue to increase production in line with our national interest, we remain committed to balancing responsible production and economic objectives, and we are increasing production within the framework of OPEC guidelines to continue to meet our obligations under the DoC. I am going.”
OPEC maintains high output policy
At the meeting, the oil cartel and its allies, known as OPEC+, maintained their oil production policies, including plans to start increasing production in December.
According to an OPEC statement, the group reviewed crude oil production data for July and August 2024 as well as current market conditions.
“During the meeting, the Republic of Iraq, the Republic of Kazakhstan and the Russian Federation confirmed that they had achieved full compliance and compensation according to the schedule submitted in September,” the oil cartel said.
OPEC said the three countries reiterated their determination to maintain full compliance and compensation throughout the remainder of the agreement.
The oil cartel said the final estimate of September oil production levels is expected to be based on authorized secondary sources that will be available by the second week of October.
The Petroleum Alliance will provide production to countries participating in the Declaration of Cooperation (DoC), it added.
“The Committee took note of three separate technical workshops held between representatives of the Republic of Iraq, the Republic of Kazakhstan and the Russian Federation, as well as secondary sources of information,” OPEC said.
“The meeting aims to discuss the details of production in September and submit a revised compensation plan to the OPEC Secretariat, including excess production in August, in accordance with the submitted plan, while some member countries It also emphasized the need to make further cuts to compensate for overcapacity.
“JMMC underlined the critical importance of achieving full compliance and compensation. We will continue to monitor the status of compliance with production adjustments.
“The Committee will also continue to monitor additional voluntary production adjustments announced by some OPEC and non-OPEC countries agreed to at the 52nd JMMC to be held on February 1, 2024. .”
Additionally, OPEC said the commission will continually assess market conditions.
OPEC said the next meeting of the JMMC is scheduled for December 1, 2024.
