Nigeria has alongside other OPEC and Non-OPEC members agreed to a cut in production volumes of crude in order to ensure global oil market stability.
This was part of the resolutions reached at the 49th Joint Ministerial Management Committee (JMMC) and the 35th OPEC and Non-OPEC Ministerial Meeting held in Vienna, Austria, over the weekend.
In a statement signed by the Director of Information at the Petroleum Ministry, Mrs Enafaa Bob-Manuel, which was made available to newsmen, Monday, in Abuja, Nigeria, Congo and Angola, also agreed that the highest production volumes of the last six (6) months ( i.e November 2022-April 2023) be used as the basis to determine their 2024 quota. This is, however, subject to review in November at the 2nd annual meeting of the JMMC.
It was also agreed at the meeting that the current OPEC quota would be maintained till the end of 2023.
According to the leader of the Nigerian delegation to the conference and Permanent Secretary of the Ministry of Petroleum Resources, Amb.Gabriel Aduda, who was also confirmed the OPEC Governor for Nigeria at the meeting in Vienna, “This implies that Nigeria can ramp up its production up to its current quota of 1742KBD and subsequently be capped at 10% less as its quota for 2024 subject to verification by independent secondary sources.”
Amb. Aduda maintained confidence that the ongoing security intervention under the leadership of President Bola Ahmed Tinubu would enable the restoration of Nigeria’s production to the 1580KBD crude oil only.
This, he explained, would be complimented by condensate of about 400KBD ultimately upping Nigeria’s crude oil and condensate production to about two (2) Million Barrels per day in 2024.
Among those who accompanied the Permanent Secretary, Amb. Aduda, to the 49th Joint Ministerial Management Committee and the 35th OPEC and Non-OPEC Ministerial Meeting held in Vienna, Austria, on June 3-4 were some senior officials of the Ministry.
