By Moses Patience Chat
The Organization of Petroleum Exporting Countries (OPEC) has cut down the crude oil production quota of Nigeria for 2024 by 20 percent.
Under the new production schedule, Nigeria’s quota will decrease to 1.380 million barrels per day from January to December 2024.
This is following an agreement between OPEC members and Non-OPEC members at their virtual Joint Ministerial Management Committee (JMMC) in Vienna.
According to the Organization, the move was in view of the continued commitment of the OPEC and non-OPEC participating countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market. “Congo and Angola have agreed that their highest production volumes from the last six months of November 2022 to April 2023 be used as the basis for the determination of their 2024 production quota and that this agreement was subject to a review in November at the 2nd annual meeting of the JMMC,” according to a statement issued by the Director of Information in the Nigerian Ministry of Petroleum Resources, Mrs Enefaa Bob-Manuel.
Nigeria’s expected output quotas for August, September, October, and November 2023 were 1.826 million bpd, 1.830 million bpd, 1.826 million bpd and 1.747 million bpd respectively. However, the current OPEC quota would be maintained till the end of 2023 despite the change in the 2024 quota.
