• Saturday, February 24, 2024
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OPEC caps Nigeria’s oil output at 1.5mbd in new quota allocation

Nigeria’s oil rig falls first time in 8 months as production dips

OPEC+ handed Nigeria a 2024 oil output target lower than Africa’s largest oil producer had hoped for while lowering Angola’s target, according to a statement from the group of oil-producing countries.

The move follows a meeting in June where OPEC+ agreed a complex deal that revised production targets for several members.

OPEC had tasked three consultancies – IHS, Rystad Energy and Wood Mackenzie – with verifying production figures for Nigeria, Angola and Congo.

Based on that it has given Nigeria a 2024 target of 1.5 million barrels per day (bpd), Angola one of 1.11 million bpd and Congo a target of 277,000 bpd, OPEC+ said in the statement.

In June it had been agreed, pending the assessments by the consultancies, that Angola could produce 1.28 million bpd and Nigeria 1.38 mln bpd and possibly as much as 1.58 million bpd.

Both have failed to meet previous quotas hurt by underinvestment and security issues.
Congo’s target for 2024 is roughly in line with what was agreed in June.