Nigeria says OPEC+ cuts won’t distract efforts to boost output

Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), has said the production adjustment by the group will not distract the country’s efforts to increase its crude oil output.

OPEC and its allies, at the end of their 37th ministerial meeting on Sunday, decided to extend production cuts till December 2025 and reaffirmed the “critical importance of full compliance and compensation mechanism”.

Nigeria currently has a quota of 1,380 million barrels per day (bpd), which is expected to increase to 1,500 million bpd next year, according to a document seen by Markets Reporters. The country has been grappling with a steep decline in its production caused by theft, pipeline vandalism and underinvestment. 

“We are committed to OPEC production adjustment which aims to stabilise the global oil market but, this is not in anyway, a distraction from our objective of ramping up production for national prosperity,” its junior oil minister Heineken Lokpobiri said on social media platform X.

He said he hinted on this after the 37th OPEC and OPEC+ Meeting, reaffirmed Nigeria’s unwavering commitment to the Declaration of Cooperation and agreed on several critical items, including production quotas and strategies to ensure market balance and long-term stability. 

“Our nation’s adherence to these agreements showcases our dedication to supporting global efforts in achieving sustainable oil market stability, and I am confident that our collective decisions will positively impact the global oil market, ensuring fair and equitable outcomes for all member countries while we await the next meeting on 1st December 2024, for reviews,” he said.