The Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobri has confirmed that Nigeria is in conformity with the oil production quota of the Organization of Petroleum Exporting Countries (OPEC).
OPEC set 1.5 million barrels per day production quota for Nigeria in October 2024. He said the declaration at the 56th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the organization. The declaration was contained in his X handle.
Said he: “I can confidently confirm that our country is in conformity with the agreed production limits.”
He added that even as the country is determined to increase its crude oil production, it will do so within the framework of the organization’s guidelines. “While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines,” Lokpobri said.
The minister said Nigeria reviewed the conformity and compensation efforts of countries participating in the Declaration of Cooperation (DoC). Lokpobri said the country is still committed to balancing responsible production with its economic goals, and continue to meet its obligations under the DoC.
