THE Minister of State for Petroleum Resources, Heineken Lokpobiri, has stated that under the incumbent government, Nigeria remains committed to adhering to the production quota established by the Organisation of Petroleum Exporting Countries (OPEC).
Newsextra24 understands that during the ministerial meeting with the federal government on June 2, 2023, OPEC raised Nigeria’s production target to 1.5 million barrels of crude oil per day (bpd) for the year 2024.
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The organization indicated that Nigeria is expected to sustain this production level until December 2025.
Nevertheless, Nigeria has been operating below this quota, with a monthly average production of 1.4 million barrels per day, excluding condensate, throughout this year.
However, following OPEC’s 56th Joint Ministerial Monitoring Committee (JMMC) meeting yesterday, Lokpobiri reiterated Nigeria’s unwavering dedication to the goals outlined in the organization’s declaration of cooperation.
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He said, “While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals and continue to meet our obligations.”
At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to raise output in December, Naija News reports.
