OPEC and non-OPEC members on Wednesday raised the oil production quota by 400,000 (0.4 million) barrels per day just as oil basket price remained at $90.46/barrel on Tuesday.
This decision was reached at the 25th Ministerial Meeting in Vienna, Austria on Wednesday. A statement by OPEC after the videoconference of the OPEC and non-OPEC Ministerial Meeting (ONOMM), said: “In view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to:
- Brent oil hit $90/barrel first time in 7 years
- OPEC+ raises production by 400,000 barrels as oil sustains $90/barrel
“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022.”
It urged members to submit compensation plans as the 26th ONOMM holds on March 2, 2022.
According to the quota table, Nigeria has been 1.718mbpd production capacity, rising from 1,318mbpd earlier.
In summary, the 10 OPEC members are expected to deliver 25.061mbpd while the Non-OPEC members would produce 16.233mbpd making a total of 41.294mbpd capacity for the next one month by OPEC+.
Daily Trust recalls that the previous quota from December to January was not met by most countries especially Nigeria and other African countries due to disruption in oil production at the IOC among other issues.
Earlier on Tuesday, a day before the meeting, OPEC daily basket price of the 13 crudes stood at $90.46 a barrel. This was slightly lower than $90.89 recorded on Monday, according to OPEC Secretariat calculations.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
