MON, JUNE 05 2023-theGBJournal |OPEC shaved Nigeria’s oil production quota by as much as 20.7 per cent Sunday after failing consistently to meet its assigned quotas for several reasons.
The cut will shrink Nigeria’s output further to 1.380 million barrels per day from January to December 2024, with huge implication for the country’s revenue.
Angola’s production quota was also adjusted following OPEC+ meeting Sunday while the UAE was surprisingly allowed to increase its output by about 200, 000 barrels per day.
At the meeting, Saudi Arabia voluntarily agreed to cut its oil production by another 1 million barrels daily next month in a bid to shore up global oil prices. The cut will bring Saudi’s output to about 9 million bpd.
Oil prices surged in response to the news Sunday with both WTI and Brent trading at $72.82 and $77.21 respectively earlier today.
Meanwhile, members agreed to extend current production cuts of 3.66 million barrels until the end of 2023 and reduce combined production by another 1.4 million bpd from the start of 2024.
Twitter-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
