The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, affirmed Nigeria’s commitment to adhering to the production quota established by the Organisation of Petroleum Exporting Countries (OPEC). During a recent statement following OPEC’s 56th Joint Ministerial Monitoring Committee (JMMC) meeting, he emphasized that Nigeria will align its production strategies with the guidelines set forth by OPEC.
OPEC Production Quota
Recapping OPEC’s decision made during the ministerial meeting on June 2, 2023, the organization raised Nigeria’s production target to 1.5 million barrels of crude oil per day (bpd) for 2024, with this level to be maintained until December 2025. Despite this target, Nigeria has been producing below the quota, averaging around 1.4 million bpd this year, excluding condensate.
Commitment to OPEC Objectives
Mr. Lokpobiri reiterated Nigeria’s dedication to the objectives of OPEC’s declaration of cooperation, stating, “While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines.” He highlighted the importance of balancing responsible production with the country’s economic goals and fulfilling Nigeria’s obligations to the oil cartel.
OPEC+ Output Policy
At the JMMC meeting, OPEC+ decided to retain its oil output policy, which includes plans to gradually increase output starting in December. This decision reflects the coalition’s ongoing efforts to stabilize global oil markets while accommodating the varying production capabilities of its member states.
With this commitment, Nigeria aims to navigate the challenges of oil production and ensure a stable supply in the international market while aligning with OPEC’s collective objectives