The drop in the oil production quota by OPEC would be a constraint on its oil production and exports, which can have implications for government revenue,
During the oil market meeting held on June 4, 2023, in Vienna, the 13-member oil cartel agreed to adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation to 40.46 million bpd, starting 1 January 2024 until 31 December 2024, which to be distributed as per the attached table.
Also, The UAE said it will extend its voluntary cut of 144,000 bpd until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC Plus agreement, which had previously announced voluntary cuts in April.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Report: NNPC terminating crude oil swap contracts, says Kyari | TheCableThe Nigerian National Petroleum Company (NNPC) has has commenced termination of crude swap contracts and will pay cash for gasoline imports, Reuters is reporting.
Read more »
Fuel Subsidy Removal: Stakeholders See Long-term Benefits Despite Initial PainsSubsidies were first introduced in Nigeria in the 1970s as a response to the Oil Price shock of 1973 as the situation of the shock led to a global rise in oil
Read more »
Probe Missing $2.1Billion, N3.1Trillion Subsidy Payments, Unremitted Funds By Nigerian Petroleum Company, NNPC Or Face Legal Action, SERAP Tells President Tinubu | Sahara ReportersThe Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to probe allegations of oil revenue funds. SERAP asked the President to 'set up a presidential panel of enquiry to promptly probe the grim allegations that US$2.1 billion and N3.1 trillion public funds of oil revenues and budgeted as fuel subsidy payments are missing and unaccounted for between 2016 and 2019, as documented by the Auditor-General of the Federation.'
Read more »
Oil-Rich Bayelsa Community Residents Protest Alleged Neglect, Intimidation By Conoil Company Amid Environmental Degradation | Sahara ReportersAggrieved indigenes of Sangana kingdom in the Brass Local Government Area of Bayelsa State at the weekend staged a protest against the Conoil multinational company over its alleged inability to perform their corporate social responsibility. The company was also accused of complicity in the military killing of a youth in the area.
Read more »
Delta community suspends protest against Chevron, issues 7-day notice to ShellRising from a general meeting, the people of the oil-rich Ugborodo community in Warri South-West Local Government Area of Delta State today said they have
Read more »
NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol ImportsWith the removal of subsidy on petrol in the country, the Nigerian National Petroleum Company Limited (NNPC) is set to discontinue crude oil swap in favour
Read more »