Nigeria to produce 1.649 mb/d as OPEC releases new oil quota for members, Non-members
By Eyo Nsima
The Organisation of Petroleum Exporting Countries, OPEC, has released its new production quota for its members and non-members.
Under the new quota released at the end of the 21st OPEC and non-OPEC Ministerial Meeting, held via videoconference, on Monday, 4 October 2021, Nigeria’s output has risen to 1.649 million barrels per day, mb/d, from 1.5 mb/d.
In its release obtained by The Daily, www.thedaily-ng.com, OPEC, stated: “In view of current oil market fundamentals and the consensus on its outlook, OPEC and participating non-OPEC oil-producing countries reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19 OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.”
It also stated: “We reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021, as per the attached schedule.
“Reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting. Will hold the 22nd OPEC and non-OPEC Ministerial Meeting on 4 November 2021.”
See the full list of the new quota allocation below.
November 2021 OPEC Required Oil Production
2021
Required Production
Algeria 952
Angola 1377
Congo 293
Eq.Guinea 115
Gabon 168
Iraq 4193
Kuwait 2532
Nigeria 1649
Saudi Arabia 9913
UAE 2855
Azerbaijan 647
Bahrain 185
Brunei 92
Kazakhstan 1540
Malaysia 537
Mexico 1753
Oman 796
Russia 9913
Sudan 68
South Sudan 117
OPEC 10 24047
Non-OPEC 15647
OPEC+ 39694
