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Nigeria to meet OPEC production quota by May 2023 – Sylva
The Minister of State Petroleum Resources, Timipre Sylva, on Monday, expressed optimism that Nigeria would meet the Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.8 million barrels per day (bpd) by the end of May 2023.
The minister, according to a statement issued by his spokesman, Horatius Egua, stated at an event in Abuja.
Sylva’s statement came a day after OPEC agreed to maintain its production cut among member countries in order to maintain market stability.
He blamed Nigeria’s inability to meet its quota on pipeline vandalism and oil theft.
Nigeria reportedly loses about 400,000 barrels of crude worth $40 million to crude oil theft and pipeline vandalism daily.
READ ALSO: OPEC data shows Nigeria now 4th oil producing country in Africa
The development forced the Federal Government to award the contract for the protection of the pipelines to private security companies.
The minister expressed confidence that the government’s investment in the security of pipelines would yield dividends and the country would start meeting its OPEC quota.
He said: “Once we are able to build enough confidence in the security of the pipelines, they (producers) will then be able to inject into the pipelines once again and once that happens, we will be able to meet up with our OPEC quotas. That is where we are going and the early signals are there that we are making very good progress.”
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