Energy

OPEC increases Nigeria’s oil quota to 1.830 million bpd

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS-Dado Ruvic-File Photo

The Organization of Petroleum Exporting Countries, OPEC, and its allies, have increased Nigeria’s oil quota to 1.830 million barrels per day, mb/d in September 2022, from 1.826 mb/d in August 2022.

This was part of actions, targeted at achieving increased stability in the global oil market.

Consequently, prices of many crudes, including Nigeria’s Bonny Light, bounced back to over $100 per barrel in the global market.

But it was doubtful if Nigeria, currently producing about 1.4 mb/d, including condensate would meet its target because increased pipeline vandalism, oil theft and illegal refining in the Niger Delta.

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