Nigeria’s Oil Production Cap Extended By OPEC Until 2025

Nigeria’s Oil Production Cap Extended By OPEC Until 2025

OPEC has decided to extend the oil production cuts implemented since November last year until 2025, with Nigeria maintaining its quota at 1.5 million barrels per day………… CONTINUE READING

The coalition, known as OPEC plus, is currently reducing oil output by 5.86 million barrels per day to stabilize international oil prices.

Despite Nigeria’s April production of 1.28 million barrels per day, falling short of both the OPEC quota and the projected figure in the 2024 budget, the production cap remains unchanged. OPEC’s 37th meeting set the total monthly oil production quota for member countries at 39.72 million barrels per day, with adjustments made to extend voluntary cuts by certain member nations until December 2025.

These countries will gradually phase out their additional cuts by September 2025 to support market stability, as per OPEC’s decision.