The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said Nigeria will demand a higher oil production quota at the next meeting of the Organisation of Petroleum Exporting Countries scheduled for November.
Lokpobiri disclosed this on Tuesday in Abuja during an interview with the media team of the Nigerian Upstream Petroleum Regulatory Commission, where he reviewed Nigeria’s upstream oil performance four years after the enactment of the Petroleum Industry Act and the establishment of the Commission.
He said the country’s current quota, pegged at about 1.5 million barrels per day, no longer reflects its true production capacity.
According to him, the upcoming OPEC meeting provides an opportunity for Nigeria to make a strong case for an upward review to at least two million barrels per day.
He expressed confidence that Nigeria’s improved output levels, strengthened infrastructure, and renewed investments in the upstream sector would support the country’s case for an increase.
Lokpobiri said the sustained recovery in production, improved regulatory environment, and fresh inflow of investment into the oil and gas sector have positioned Nigeria to make a strong case for a higher OPEC quota.
