The Organisation of the Petroleum Exporting Countries (OPEC) has announced that Nigeria has the potential to reach a significant oil production quota of 1.5 million barrels per day (bpd) in 2024. This disclosure came during the 36th OPEC and non-OPEC ministerial meeting held on Thursday.
As part of resolutions from the previous meeting, Nigeria's current production level of 1.74 million bpd was adjusted to 1.38 million bpd, effective from January 2024. The decision was based on assessments by three independent sources— IHS, Wood Mackenzie, and Rystad Energy—specialized in oil upstream.
Reiterating its stance at the recent meeting, OPEC affirmed that Nigeria can achieve a production level of 1.5 million bpd by 2024. The organization also disclosed additional voluntary cuts of 2.2 million bpd by OPEC+ countries, extending until the end of 2024. Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman are among the contributors to these cuts, aimed at supporting market stability.
These developments signify a pivotal moment for Nigeria's oil industry, with discussions surrounding the economic impact, market dynamics, and geopolitical implications of the projected surge in oil production. The global oil market remains attentive to these shifts, anticipating their influence on stability and balance in the coming years.
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