The Federal Government Is Engaging the Organization of Petroleum Exporting Countries (OPEC) with a view to increasing its oil production quota.
At the heat of oil downturn during the covid19 pandemic OPEC through the declaration of cooperation agreed on production cuts to help cushion the effect and stabilize the global oil market.
Some countries including Nigeria had some waivers which lowed their production cuts.
This was also attributed to challenges with production due to insecurity then at the Niger delta
with increased production in country
Minister of State for Petroleum Resources, Timipre Sylva, on the side lines of the Gastech 2021 conference in Dubai is clamoring for increasing its oil production quota to about two points two (2.2) million
According to the minister: “What we’re getting right now is 1.74 million barrels per day (bpd), we think we can do about 2.2 (million bpd).”
While noting that Nigeria can achieve that production level in six months, Sylva attributed the current production quota to technical challenges, adding that he expects to hit 2.2 (million bpd) in the next month or two.
The minister went on to note that current oil prices were at a very “comfortable level” adding that $70 a barrel was an optimal figure
To this effect Sylva said that he didn’t expect the OPEC+, to take any extraordinary measures when they meet next month.