Nigeria to conform with OPEC’s oil production quota of 1.5mbpd

Abuja, Oct. 3, 2024 – Nigeria has pledged to conform with the 1.5 million barrels per day oil production quota assigned to it by the Organisation of Petroleum Exporting Countries (OPEC).

Heineken Lokpobiri, the Minister of State for Petroleum Resources (oil), expressed Nigeria’s agreement with the quota at the 56th Joint Ministerial Monitoring Committee (JMMC) of OPEC on Wednesday.

He said Nigeria was fully committed to the objectives of the body’s Declaration of Cooperation (DoC).

“Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country is in conformity 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.”

OPEC said it decided decided to retain oil production quotas for all member states in spite of spite of the geopolitical tensions.

Member states took the decision at the JMC meeting where they met to assess the oil market’s situation on Wednesday.   (GBN).