OPEC raises Nigeria’s quota to 1.799m
The Organisation of the Petroleum Exporting Countries (OPEC) has increased Nigeria’s oil production allocation from 1.772 million barrels per day (bpd) target approved in June to a new target of 1.799mbpd for July, an equivalence of 1.52% raise.
The global intergovernmental organisation also adjusted upward the monthly overall production by 648,000bpd for the month of July with a target production of 43.206mbpd.
This was according to the statement by the organization which 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.”
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