The Organisation of Petroleum Exporting Countries (OPEC) has handed Nigeria a 2024 oil output target of 1.5 million barrels per day.
This was, however, significantly lower than Nigeria had hoped for and came after intense negotiations that lasted several days.
The Federal Government had during the week pegged crude oil output at 1.78 million bpd for next year.
A statement from the group of oil producing countries said that OPEC also lowered Angola’s target.
The move followed a meeting in June where OPEC+ agreed to a complex deal that revised production targets for several members.
OPEC had tasked three consultancies – IHS, Rystad Energy and Wood Mackenzie – with verifying production figures for Nigeria, Angola and Congo.
Based on that, it has now given Nigeria a 2024 target of 1.5 million barrels per day, Angola 1.11 million bpd and Congo a target of 277,000 bpd.
In June it had been agreed, pending the assessments by the consultancies, that Angola could produce 1.28 million bpd and Nigeria 1.38 million bpd and possibly as much as 1.58 million bpd.
Both have failed to meet previous quotas hurt by underinvestment and security issues.
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Disagreements over African output quotas were cited by sources as a reason OPEC+ postponed an in-person meeting scheduled for November 26, until yesterday, Reuters said.
Angola on Thursday was unhappy with its 2024 output target and does not plan to stick to it, Bloomberg reported
