OPEC Increases Nigeria’s Oil Quota To 1.830m bpd
Oil & Gas

OPEC Increases Nigeria’s Oil Quota To 1.830m bpd

OPEC

THE Organization of Petroleum Exporting Countries, OPEC, and its allies have increased Nigeria’s oil quota to 1.830 million barrels per day, mb/d in September 2022, from 1.826 mb/d in August 2022.
This was part of actions, targeted at achieving increased stability in the global oil market.

Consequently, prices of many crudes, including Nigeria’s Bonny Light, bounced back to over $100 per barrel in the global market.

But it was doubtful if Nigeria, currently producing about 1.4 mb/d, including condensate would meet its target because of increased pipeline vandalism, oil theft and illegal refining in the Niger Delta.

Read Also: OPEC Increases Nigeria’s Oil Quota To 1.830m bpd

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