July 23, 2024
OPEC+ slashes Nigeria’s output to 1.742 mb/d
OPEC daily basket price stood at $61.70 a barrel
– By Godswill Odiong

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By Eyo Nsima
The Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+, has slashed Nigeria’s oil output to 1.742 million barrels per day, mb/d.

The ‘November 2022-December 2023’ released by OPEC, yesterday, showed that amongst African producers, Nigeria’s 1.742 mb/d was the highest, while Sudan’s 72,000 bp/d was the lowest.
In a statement obtained by The Daily, https://thedaily-ng.com, OPEC+, maintained that, “The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.

“In light of the uncertainty that surrounds the global economy and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed it in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.

“Extend the duration of the Declaration of Cooperation until the 31st of December 2023. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries.

“Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).

“Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.”

It added: “Extend the compensation period to the 31st of March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and Non-OPEC Ministerial Meeting. Reiterate the critical importance of adhering to full conformity.”

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