By Sunday Etuka, Abuja
The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has disclosed that the Federal Government is in conformity with the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5m bpd of oil production.
Senator Lokpobiri disclosed this shortly after the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) held via videoconference on Wednesday, April 3, 2024.
He said, “reviewing the January and February production quota of OPEC and Non-OPEC countries of the Declaration of Cooperation (DoC) at the 53rd Meeting of the JMMC, we are in conformity with OPEC quota. While maintaining conformity, we must prioritize our nation’s prosperity.
“Thus, we remain committed to our objective of increasing production. This strategic decision aligns with our vision for economic growth and energy security.
“As we navigate dynamic market conditions, our resolve to optimize production remains unwavering, ensuring sustainable development for our nation and contributing positively to the global energy landscape”, he said.
The OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the market. The cuts are voluntary in that they are not shared across all members of the group.
In today’s meeting, the JMMC reviewed the crude oil production data for the months of January and February 2024 and noted the high conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
OPEC said, the Committee welcomed the Republic of Iraq and the Republic of Kazakhstan’s pledge to achieve full conformity as well as compensate for overproduction.
It said, the Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.
OPEC disclosed that participating countries with outstanding overproduced volumes for the months of January, February, and March 2024 will submit their detailed compensation plans to the OPEC Secretariat by 30 April 2024.
It said, the Committee will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on 4 June 2023, and the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 and February 2024.
It said, the Committee will continue to closely assess market conditions and noted the willingness of the DoC countries to address market developments and their readiness to take additional measures at any time building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries.
The next meeting of the JMMC (54th) is scheduled for June 1, 2024.
