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OPEC raises Nigeria’s production quota to 1.772mbpd for June

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

[FILES] A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture. REUTERS/Dado Ruvic/Illustration

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.

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.