Nigeria to conform to OPEC’s 1.5mbpd production quota

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said Nigeria would conform to the Organisation of Petroleum Exporting Countries (OPEC) 1.5 million barrel per day (mbpd) production quota.

Lokpobiri stated this in a chat with journalists at the end of OPEC’s 56th joint ministerial monitoring committee (JMMC) meeting held on October 2 in Abuja.

The minister said Nigeria was fully committed to the objectives of OPEC’s Declaration of Cooperation (DoC).

READ ALSO: OPEC projects 23% growth in world’s energy demand by 2024

The Federal Government had earlier projected a 1.785mbpd production quota for the country.

The minister said: “Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country conforms with the agreed production limits.

“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals, and continue to meet our obligations under the DoC.”

At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to start raising output in December.

The group reviewed the crude oil production data for July and August as well as current market conditions.

By: Babajide Okeowo

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