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OPEC agreement: Nigeria to raise oil production

OPEC agreement: Nigeria to raise oil production

Redacted article courtesy of – Punch

Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output.

Nigeria is a long time member of OPEC, collaborating with the organisation for more than 50 years running.  OPEC and its allies had agreed on Sunday to adjust crude oil production upwards by 400,000 barrels per day.  It disclosed this in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually.

On decisions agreed upon by participating countries, the organisation stated that they decided “to adjust upward their overall production by 0.4mb/d (million barrel per day) on a monthly basis starting August 2021 up until phasing out the 5.8mbd production adjustment.”

Link to full article:    https://punchng.com/opec-agreement-nigeria-to-raise-oil-production/

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