Nigeria will meet 1.8mbd OPEC production quota, says NNPC GCEO

Lagos – The Group Chief Executive Officer, GCEO, of the Nigerian National Petroleum Company Limited, Mele Kyari, has assured that Nigeria will meet its 1.8 million barrels per day, mbd, Organization of the Petroleum Exporting Countries, OPEC, production quota.

He gave the assurance as he announced that the country’s production has reached 1.6mbd from less than 1 million barrels per day, bpd, in August last year.

"We are growing production. In July 2022 we were at less than 1 million barrels per day. As at yesterday, we were at 1.6 million barrels and hopefully we will meet the OPEC quota of 1.8 million," Kyari told newsmen at the NNPC headquarters in Abuja.

Nigeria had late last year hinted, through its national security adviser, of its output significantly improving before the end of this quarter due to stepped up security efforts in the Niger Delta.

Prior to this indication, oil production fell to less than 1mbd in August, the lowest in years due to increased crude theft and vandalism of pipelines, forcing some companies to curtail or stop production.

National Security Adviser Babagana Monguno had told reporters that security agencies had stepped up efforts to improve the security situation in collaboration with other government ministries.

“We are hoping that before the end of the first quarter next year there will be a significant improvement in oil production,” he had said without giving details.

Mele Kyari

Nigeria has an OPEC production quota of 1.8mbd, but has been producing way below the target, missing out on an oil price boom that has benefitted oil and gas producing countries and their economies.