OPEC ministers meet, raise Nigeria’s quota to 1.772mbpd

* Highest in Africa

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC oil ministers on Thursday, increased Nigeria’s oil quota to 1.772 million barrels per day (mbpd) for June, from 1.753 mbpd for May 2022, according to its June 2022 Required Production.

This showed a marginal increase of 19,000 bpd or one percent when compared to the previous quota, which the nation was unable to meet.

However, with Nigeria’s crude oil grade, Bonny Light at $110 per barrel, the new quota translates to daily oil revenue of $194.92 million or N81.67 billion.
Under the new quota, Nigeria’s allocation remains the highest in Africa, followed by Angola and Algeria, with 1.480 mbpd and 1.023 mbpd respectively.

While Sudan got 73 bpd (the least) as its quota, the ministers put the oil quota of Russia, which oil has already been banned by the European Union at 10,663 mbpd, apparently the highest.
OPEC stated: “Following the conclusion of the 28th OPEC and non-OPEC Ministerial Meeting, held via video conference on 5th May, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.

“It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic. The OPEC and participating non-OPEC oil-producing countries, therefore, decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.”