The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured that Nigeria will conform to the production quota set by the Organisation of Petroleum Exporting Countries.
He stated that the country remains fully committed to the objectives of the body’s Declaration of Cooperation.
On June 2, OPEC extended Nigeria’s production quota of 1.5 million barrels of crude per day to 2025.
OPEC stated that Nigeria should maintain the production level until December 31, 2025.
The oil cartel increased Nigeria’s production level to 1.5 million bpd for 2024 at its ministerial meeting on November 30, 2023.
However, Nigeria has been producing below the quota.
Speaking after OPEC’s 56th Joint Ministerial Monitoring Committee, the minister said in a statement on Thursday, “Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country conforms to the agreed production…