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OPEC sets Nigeria’s crude oil production for 2025 at 1.5million bpd despite Nigerian govt 1.78 bpd benchmark

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The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) has pegged Nigeria’s crude oil production quota for 2025 at 1.5 million barrels daily.

This is against the production benchmark of 1.78mbpd set by the Federal Government

This was disclosed in a press statement released on Sunday June 2, 2024 after the cartel’s meeting in Vienna, Austria where it set the crude oil production for both OPEC members and the allies for the year 2025.

In the 2024 budget, the federal government set a benchmark production target of 1.78 million barrels of oil daily to achieve revenue projections. However, the country has been struggling to meet its quota of 1.5mbpd.

According to the document seen by Ripples Nigeria, the oil cartel and its allies would produce 39.7 million barrels daily with Saudi Arabia having the largest daily production quota at 10.4 million barrels followed by Russia with 9.9 million bpd.

OPEC members production level was pegged at 24.1 mbpd while non-OPEC members production quota was pegged at 15.5 mbpd totalling 39.7 mbpd.

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Other decisions reached by the JMMC include; granting the JMMC the authority to hold OPEC and non-OPEC meetings regularly to review market conditions, extending the period of assessment for the year 2026 to November 2025 etc.

It stated, “Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.”

“Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.”

“Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.”

“Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.”

The 38th meeting of OPEC members and non-OPEC members would take place in December 2024.

By: Babajide Okeowo

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