Nigeria Gets 1.75mb/d OPEC Production Quota In May

The Organisation of Petroleum Exporting Countries (OPEC) has approved a production quota of 1.753 million barrels per day for Nigeria in May 2022.

Angola, said OPEC, has the mandate to produce 1.465mb/d.

The cartel disclosed this in a statement at its 27th OPEC and Non-OPEC Ministerial Videoconference Meeting.

Saudi Arabia and Russia are to produce the highest volume of 10.549mb/d each.

Meanwhile, the organisation approved 4.461mb/d and 2.695mb/d for Iraq and Kuwait respectively.

According to the statement, OPEC 10 are to produce 25.589mb/d, Non OPEC member countries are to produce 16.537mb/d in May 2022. On the other hand, OPEC+ are to produce 4.2126mb/d.

It reconfirmed the baseline adjustment, the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of May 2022, as per the attached schedule.

The organistion reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12th April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial meeting on the 18th July 2021.

It noted that continuing oil market fundamentals and the consensus on the outlook pointed to a well-balanced market,
and that current volatility is not caused by fundamentals, but by ongoing geopolitical developments.”

The OPEC and participating non-OPEC oil-producing countries decided to reiterate the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of June 2022.

It said compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

OPEC, according to the statement, will hold the 28th OPEC and non-OPEC Ministerial Meeting on 5 May 2022.