The Organisation of Petroleum Exporting Countries, OPEC, has extended Nigeria’s crude oil production quota of 1.5 million barrels per day to December 2026.
In a statement released following its 38th ministerial meeting with non-OPEC members on Thursday, the intergovernmental body announced the decision as part of its ongoing strategy to stabilise global oil markets.
The quota for Nigeria, initially set for 2024 during a meeting on 30 November 2023, was subsequently extended to 2025 after a review on 2 June 2024. Thursday’s resolution marks the latest adjustment, further securing the 1.5 million bpd target for Nigeria through to the end of 2026.
Also Read: Eight OPEC+ Members Extend Oil Supply Cuts Until End Of December
OPEC noted that the decision reflects confidence in Nigeria’s ability to sustain production levels despite ongoing challenges in the oil sector.
Leave feedback about this
You must be logged in to post a comment.