The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day (bpd) quota for Nigeria.
Angola, the other African country, got 1,435,000 bpd production quota.
Saudi Arabia and Russia top the list with 10.331 million bpd quota.
The organisation said in a statement that it has reviewed its production to 41,294,000 bpd, saying while 10 OPEC nations are expected to produce 25.06i million bpd, the non-OPEC countries have approval for 16.233 million bpd.
The production quota takes effect from March 2022, according to the statement dated February 2, 2022.
It was the decision of the 25th OPEC and non-OPEC ministerial video conference meeting.
OPEC said: “In view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to:
* reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting fn 12 April 2020, and further endorsed in subsequent meetings, including the 19th OPEC and Non OPEC Ministerial Meeting (ONOMM) on 18 July, last year.
* reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022.”
The organisation reiterated the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June, this year.
It added: “Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.”
