The Organisation of Petroleum Exporting Countries (OPEC) has increased Nigeria’s production quota to 1.772 million barrels per day for the month of June.
This follows the conclusion of its 28th Ministerial Meeting, held via videoconference on 5th May which agreed to adjust upward the monthly overall production of member countries by 0.432 mb/d for the month of June 2022.
The meeting which consists of OPEC and non-OPEC, noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.
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It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic.
The OPEC and participating non-OPEC oil producing countries therefore decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.
The meeting also reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022, as per the attached schedule.
It reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
The next meeting holds on on 2 June 2022.