OPEC: Nigerian Government Sets New Crude Oil Production Target

OPEC: Nigerian Government Sets New Crude Oil Production Target

The Minister of State for Petroleum Resources, Heineken Lokpobiri, reaffirmed Nigeria’s commitment to adhering to the production quota set by the Organisation of Petroleum Exporting Countries (OPEC) under the current administration. According to Naija News, during a ministerial meeting with the federal government on June 2, 2023, OPEC increased Nigeria’s crude oil production target to 1.5 million barrels per day (bpd) for 2024. This target is expected to be maintained through December 2025…….CONTINUE READING

However, Nigeria has been producing below this quota, averaging 1.4 million barrels per day, excluding condensate, so far this year. Following OPEC’s 56th Joint Ministerial Monitoring Committee (JMMC) meeting, Lokpobiri reiterated Nigeria’s commitment to meeting OPEC’s targets, stating, “While we continue to ramp up production in line with our national interests, we are doing so within OPEC’s guidelines, balancing responsible production with our economic goals and fulfilling our obligations.”

At the meeting, OPEC and its allies, known as OPEC+, retained their output policy, including a planned increase in production in December.

Crude-for-Loans: NNPCL Allocates 8 Million Barrels Monthly for $8.8 Billion Debt Repayment

Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has allocated 272,500 barrels of crude oil per day to repay loans amounting to $8.86 billion through crude-for-loan agreements. This equates to approximately 8.17 million barrels of crude oil per month used to settle these debts.

Key projects tied to these agreements include Project Panther, Project Bison, Project Eagle Export Funding, Project Yield, and Project Gazelle. According to reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and NNPCL’s financial statements, $2.61 billion of the total loan has been repaid, leaving a balance of $6.25 billion. Out of the $8.86 billion credit facility, $6.97 billion has been disbursed across seven crude-for-loan deals.

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