The Organization of Petroleum Export Countries (OPEC) and its allies have increased Nigeria’s oil production quota to 1.830 million barrels per day in September 2022 from 1.826 million barrels per day in August.
OPEC and its allies which includes Russia on Wednesday agreed to increase oil production by 100,000 barrels per day, far less than the nearly 650,000 barrels a day that the group agreed to add in July and August.
Oil prices rose immediately after the announcement but later retreated. Oil Benchmark Brent Crude is trading at $93.80 per barrel at the time of this report.
Despite the increase by OPEC, it is uncertain if Nigeria with current production of around 1.4mb/d including condensate would meet the target.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
