THE Organisation of Petroleum Exporting Countries, popularly known as OPEC+ has slashed Nigeria’s oil output, excluding condensate by 20.7 per cent to 1.38 million barrels per day, mb/d, from 1.74 mb/d in order to achieve stability in the global market.
The decision expected to take effect from January 2024 was taken at the crucial meeting of the 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC), and the 35th OPEC and non-OPEC Ministerial Meeting, in Vienna, Austria.
Under the organisation’s new voluntary adjustment programme obtained by Vanguard Newspapers, Saudi Arabia will produce 10.48 mb/d, apparently the highest to be produced by a single nation while Sudan will produce 64,000 bpd, the least.
The programme still indicated that OPEC members states, whose collective output stood at almost 25 mb/d, still account for a bulk of the global oil output while non-OPEC countries account for 15.5 mb/d.
OPEC+ has however stated that, it remains committed to achieving stability, despite many issues and problems in the global market.
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