Nigeria’s oil production quota has been raised by the Organisation of Petroleum Exporting Countries (OPEC) from the 1.772 million barrels per day (mbpd) target approved in June to a new target of 1.799 million barrels per day (mbpd) for July.
The decision was made at OPEC’s 29th OPEC and non-OPEC Ministerial Meeting, according to a statement on Wednesday.
OPEC+ increased monthly overall production by 648,000 bpd in July, with a target production of 43.206 mbpd.
The new target is 27,000bpd higher than the previously approved June quota.
According to the statement: “The 29th OPEC and non-OPEC Ministerial Meeting was held via video conference on June 2.
“The meeting noted the most recent reopening from lockdowns in major global economic centres. It further noted that global refinery intake is expected to increase after seasonal maintenance.
“The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products.”
As requested by some underperforming countries, the meeting extended the compensation period until the end of December and asked them to submit their plans by June 17.
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