Organisation of Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.735 million barrels per day (mbpd) target approved in May 2022 to a new target of 1.772mbpd for June 2022.

A statement issued, yesterday, said OPEC took the decision at its 28th OPEC and non-OPEC Ministerial Meeting, despite Nigeria missing its approved target for April 2022 by 40,000bpd.
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The new target is 19,000bpd higher than the approved quota for May 2022.

OPEC also adjusted upward the monthly overall production by 432,000bpd for the month of June 2022 with a target production of 42.558mbpd.

“Following the conclusion of the OPEC 28th and non-OPEC Ministerial Meeting, held via videoconference on May 5, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.

“It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic,” the statement said.
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