The Organisation of the Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota for July to 1.799 million barrels per day (mbpd) to a new target of 27,000bpd higher than the approved quota of 1.772 mbpd for June.
This decision was made known in a statement issued by OPEC at its 29th OPEC and non-OPEC Ministerial Meeting held on Thursday.
According to the statement, OPEC+ also adjusted upward the monthly overall production by 648,000bpd for July with a target production of 43.206mbpd.
The statement said: “The 29th OPEC and non-OPEC Ministerial Meeting was held via videoconference on June 2.
“The meeting noted the most recent reopening from lockdowns in major global economic centres. It further noted that global refinery intake is expected to increase after seasonal maintenance.
“The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products.
“The meeting extended the compensation period until the end of December as requested by some underperforming countries, and requested that underperforming countries submit their plans by June 17.”