On Sunday, the Organisation of Petroleum Exporting Countries (OPEC+), which comprises members and non-members, agreed to reduce crude oil production volumes to maintain global oil market stability, but Nigeria, Congo, and Angola could continue producing maximally to meet their 2023 OPEC quotas.
Saudi Arabia, a major oil producer and a key member of OPEC, cut an additional one million barrels of oil per day as part of a deal struck by OPEC+ after hours of tense negotiations, Bloomberg reports.
Saudi Energy Minister, Abdulaziz bin Salman, unveiled the reduction in a statement, once again managing to pull off a surprise. The Saudi move is the most meaningful part of the deal, which also includes an agreement to extend voluntary cuts through 2024.
Nigeria and other OPEC and non-OPEC members met at the 35th Joint Ministerial Monitoring Committee Meeting of OPEC held in Vienna, Austria, on Sunday.
Also, Nigeria, Congo, and Angola have agreed that the highest production volumes of the last six months from November 2022 to April 2023 should be used as the basis for the determination of their 2024 production quota.
The Nigerian head of delegation to the meeting reportedly said in a statement that OPEC had also agreed to allow these countries to continue to produce maximally to their OPEC quota of 2023, according to Persecondnews
Nigeria’s highest crude oil production of 1.38 million barrels per day was achieved in February 2023. But by the latest development, Nigeria can ramp up its production up to its current OPEC quota of 1.74 million barrels per day and subsequently be capped at 10 percent less than its quota for 2024, subject to verification by independent secondary sources.
