The Organisation of the Petroleum Exporting Countries, OPEC, has granted Nigeria a reprieve on its oil production quota.
At their recent ministerial meeting, OPEC announced the extension of Nigeria’s production allowance of 1.5 million barrels of crude oil per day (bpd) throughout 2025.
This decision comes after OPEC increased Nigeria’s production limit to 1.5 million bpd for 2024 in November 2023. The extension signifies OPEC’s confidence in Nigeria’s production capacity and stability within the oil alliance.
OPEC, along with non-OPEC participating countries, has also set a total monthly oil production quota of 39.72 million bpd for 2025. This figure is divided into 24.13 million bpd for OPEC countries and 15.59 million bpd for non-OPEC members.
The adjusted quota would take effect on 1 January 2025 and run until 31 December 2025.
The stable production quota for Nigeria is a positive development for the country’s economy. Oil exports are a major revenue source for Nigeria, and this decision offers predictability and potentially bolsters the national income.
Ezinwanne Onwuka, senior staff reporter and columnist with WAP is a Nigerian-based writer and content developer. She holds a Bachelor of Arts degree in Philosophy from the prestigious University of Nigeria, Nsukka. Her interests include reading, writing, researching and graphic designing.
Latest posts by By Ezinwanne Onwuka (Senior Reporter) (see all)
- Nigeria’s U-20 Women’s World Cup Journey Ends as Japan Downs Falconets 2-1 - September 13, 2024
- Nigerian Students to Explore Education Opportunities at USA College Fair - September 13, 2024
- Who Owns200-Hectare Ogun State Rice Farm? - September 13, 2024
previous
Workers In FCT, Several States Comply With NLC-TUC Directives On Indefinite Strike
next