The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, has stated that Nigeria will adhere to the production quota established by the Organisation of Petroleum Exporting Countries.
Recall that on June 2, 2023, during a ministerial meeting with the federal government, OPEC raised Nigeria’s production target to 1.5 million barrels of crude per day (bpd) for 2024, with plans to maintain this level until December 2025, according to Vanguard.
However, Nigeria has been producing below this quota, averaging 1.4 mbpd this year, excluding condensate.
In his speech after OPEC’s 56th Joint Ministerial Monitoring Committee meeting, the minister reiterated Nigeria’s commitment to the objectives of the organization’s declaration of cooperation.
Lokpobiri said, “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.”
At the meeting, the oil cartel and its allies, known as OPEC+, maintained their oil output policy, including a plan to begin increasing production in December.
Recall, it was previously reported that the Minister earlier in the year, had attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline.
