The Federal Government is planning to meet with members of the Organisation of the Petroleum Exporting Countries and its non-OPEC partner, Russia, in November to renegotiate Nigeria’s crude oil output.

According to the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, on Tuesday, Nigeria has the capacity to produce 2.1 million barrels per day (bpd), which is more than the quota given to Nigeria to produce.

Recall that OPEC had reduced Nigeria’s crude oil quota to around 1.380 million barrels per day for the 12 months period next year, from the 1.8 million bpd given to the West African country in 2023.

The reduction followed Nigeria’s inability to meet the quota, as the country has been producing under 1.3 million bpd, with its last crude oil production output being 1.18 million barrels per day in May, according to Direct Communication.

To read more, click on the link below
https://www.primebusiness.africa/fg-opec-to-renegotiate-crude-oil-output-after-nigerias-failure-to-meet-quota/