Organisation of Petroleum Exporting Countries, oil ministers put Nigeria’s oil output at 1.5m bpd

The Organisation of Petroleum Exporting Countries, OPEC and non-OPEC Ministerial Meeting, ONOMM, has put Nigeria’s oil output at 1.5 million barrels per day, bpd, for purpose of quota allocation in 2024.

Based on the need to be properly guided in the process of quota allocation, ONOMM, had disclosed that the required of, “Nigeria may be updated to equal the average production that can be achieved in 2024, as assessed by the three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialized in oil upstream by the next ONOMM to be held by the end of 2023. Noting that Nigeria’s stated Production Plan in 2024 is 1,578 kbd subject to verification, and if verified then the number will be reflected as required production for 2024.”

But at its 36th ONOMM held via videoconference monitored by Vanguard, Thursday, ONOMM, stated: “In accordance with the decision of the 35th OPEC and non-OPEC Ministerial Meeting, the completion of the assessment by the three independent sources (IHS, Wood Mackenzie and Rystad Energy) for production level that can be achieved in 2024 by Angola, Congo and Nigeria as follows: Angola at 1,110 t/bd, Congo at 277 t/bd and Nigeria at 1,500 t/bd.”

ONOMM also “welcomed HE Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the OPEC+ Charter of Cooperation starting January 2024.

“The meeting reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market. In view of current oil market fundamentals, the Meeting:

“Reaffirmed the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings including the 35th OPEC and Non-OPEC Ministerial Meeting on 4 June 2023; as well as the Charter of Cooperation, signed on 2 July 2019.”

Previously, it had stated: “By end June 2024, all OPEC and non-OPEC Participating Countries in the Declaration of Cooperation will go through an assessment by three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialized in oil upstream sources in order to identify countries’ production capacities to be used for 2025 reference production levels.

“The OPEC Secretariat will coordinate the assessment while maintaining the independency of the three sources (IHS, Wood Mackenzie and Rystad Energy).

“Angola’s stated production plan for 2024 is subject to verification by the three abovementioned sources by the next ordinary ONOMM to be held by the end of 2023, and if verified then the number will be maintained.

“The required production level for Congo and Nigeria may be updated to equal the average production that can be achieved in 2024, as assessed by the three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialized in oil upstream by the next ONOMM to be held by the end of 2023.

“Noting that Nigeria’s stated Production Plan in 2024 is 1,578 kbd subject to verification, and if verified then the number will be reflected as required production for 2024.”