Nigeria agrees to 1.5mbpd production quota set by OPEC

Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria will conform with the production quota set by OPEC.

Heineken Lokpobiri, minister of state for petroleum resources , says Nigeria will conform with the production quota set by the Organisation of Petroleum Exporting Countries .OPEC said Nigeria should maintain the production level till December 31, 2025.AdvertisementSpeaking after OPEC’s 56th joint ministerial monitoring committee on October 2, the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation .

According to a statement by OPEC, the group reviewed the crude oil production data for the months of 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 conformity and compensation according to the schedules submitted for September,” the oil cartel said.

Final estimates of September’s crude oil production levels, according to the oil cartel, would be based on authorised secondary sources that would be accessible by the second week of October.

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