FG set to meet 1.5mbdp crude production quota set by OPEC-Minister

The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, has said that Nigeria will comply with the production quota set by the Organisation of Petroleum Exporting Countries, (OPEC).

Recall, OPEC increased Nigeria’s production level to 1.5 million barrels of crude per day (bpd) in 2024, noting that Nigeria will maintain this production level till December, 2025.

However, Nigeria has been producing below this quota at monthly average of 1.4mbpd, excluding condensate, this year.

Speaking after OPEC’s 56th Joint Ministerial Monitoring Committee (JMMC), the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation

Lokpobiri stated, “While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals and continue to meet our obligations.

At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to start raising output in December.