June 04, (THEWILL) – Nigeria alongside other OPEC and Non-OPEC members at the just concluded 35th Joint Ministerial Monitoring Committee (JMMC) meeting in Vienna, Austria, have agreed to a cut production volumes in order to ensure global oil market stability.
A release by Nigeria head of delegation at the meeting Sunday, stated that Nigeria, Congo and Angola have agreed that the highest production volumes of the last Six (6) months (November 2022 – April 2023) to be used as the basis for the determination of their 2024 production quota.
“Nigeria’s highest production of crude oil only of 1383KBD was achieved in February 2023. OPEC has also agreed to allow these countries to continue to produce maximally to their OPEC quota of 2023.
“This implies that Nigeria can ramp up its production up to its current quota of 1742KBD and subsequently be capped at 10% less as its quota for 2024 subject to verification by independent secondary sources.
“Nigerian delegation is confident that the ongoing security intervention under the leadership of President Bola Ahmed Tinubu will enable the restoration of country’s production to the 1580KBD crude oil only. This will be complemented by condensate of about 400KBD”, the release stated.
The delegation stated that the agreed production level will ultimately enable Nigeria’s crude oil and condensate production of about Two (2) Million Barrels per day in 2024.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
