The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, has said that Nigeria will meet up with the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
It would be recalled that on June 2, 2023 during the ministerial meeting with the federal government, OPEC increased Nigeria’s production level to 1.5 million barrels of crude per day (bpd) in 2024. The organization hinted that Nigeria will maintain this production level till December, 2025.
However, Nigeria has been producing below this quota at monthly average of 1.4mbpd, excluding condensate, this year.
Speaking after OPEC’s 56th Joint Ministerial Monitoring Committee (JMMC) yesterday, the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation.
His words: “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.”