Business NewsNews

OPEC+ slashes Nigeria’s oil quota by 4.6% to 1.742 mb/d

THE Organization of Petroleum Exporting Countries and its allies, known colloquially as OPEC+, cut Nigeria’s oil output by 4.6 percent to 1.742 million barrels per day, mb/d, excluding condensate, for the November 2022 market, down from 1.826 mb/d in August 2022.Infomation Guide Nigeria
This was one of the measures implemented to restore market stability following increasing volatility, which saw the prices of numerous crude oil grades, notably Nigeria’s Bonny Light, fall below $90 per barrel last week, from over $100.

A closer examination at the ‘November 2022-December 2023’ data obtained by Vanguard revealed that Nigeria’s 1.742 mb/d was the greatest among African manufacturers, while Sudan’s 72,000 bp/d was the lowest.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

OPEC+ reiterated that the market situation was still shrouded by some uncertainties in its market review on Wednesday, adding that it remained dedicated to attaining stability.

Apparently in response to the news, the price of Nigeria’s Bonny Light climbed to $93.36 per barrel, up from $90 the day before.

This was $28 per barrel higher than the nation’s $62 per barrel 2022 budget benchmark, despite the fact that losses from oil theft and fuel subsidies continue to have a detrimental influence on the oil revenue’s capacity to achieve desired budgetary predictions.

Other Top Stories:

According to Vanguard’s research, Nigeria may be unable to fulfil the revised target due to increased pipeline damage, oil theft, and illegal refining in the Niger Delta.

In its latest report, “Crude Oil and Condensate Production 2022” obtained by Vanguard, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that Nigeria produced 972,394 barrels, excluding condensate in August 2022, showing more than 700,000 bpd less than its 1.826 mb/d, during the period.

In a statement obtained by Vanguard, OPEC+ said: “In light of the uncertainty that surrounds the global economy and oil market outlooks, the Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020.Jamb Result 

Extend the duration of the Declaration of Cooperation until the 31st of December 2023. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries.”

Check Jamb Result 
Check and Confirm: How much is Dollar to Naira 

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada



Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.


Click here to subscribe!

For Latest updates on News, Scholarships, Jobs & Business Ideas, and Other Opportunities.

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.



Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).


The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here


🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here


Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker