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Thursday, September 29, 2022

Nigeria’s Oil Production Quota Now 1.554mbpd – Sylva

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The minister of state petroleum resources, Chief Timipre Sylva yesterday disclosed that Nigeria’s Organization of Petroleum Exporting Countries, (OPEC) oil production quota is now 1.554 million barrels per day excluding condensate oil.

Sylva told journalists at a press briefing in Abuja to mark Nigeria’s 50 years as OPEC member state that Nigeria’s 50 years relationship with the OPEC, has benefited both parties immensely adding that without the group international oil market would have been in chaos.

According to him, “the decision by Nigeria to become a member of OPEC has enhanced the development of the oil industry in the country, enabled the country to influence the growth and contribute to the survival of the industry globally, as well as placed the country among the comity of nations engaged in the noble duty of stabilising the oil market for the benefit of all – producers, consumers and investors alike.

“The relationship between Nigeria and OPEC, without doubt, has been of mutual benefits to both parties.

“On the one hand, it has supported the growth of the oil industry in Nigeria through the harmonization and adoption of relevant policies among OPEC member countries, as well as through the sharing of knowledge and technical expertise. Nigeria has also benefited greatly from the efforts of OPEC to stabilise the oil market taking into consideration that the economy of the country is highly dependent on revenue from oil.

“On the other hand, Nigeria has also contributed enormously to the survival of the OPEC through turbulent times, by lending full support to the efforts of the Organization to balance and stabilize the oil market.”

He said Nigeria in the past 50 years has produced six Presidents of OPEC conference and four OPEC Secretary Generals including the incumbent, Muhammad Barkindo.

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