Organization of Petroleum Exporting Countries, OPEC, has raised Nigeria’s crude oil production output to one point eight-three trillion barrels per day from the present one point five-five four million barrels per day.
The new output will take effect from April 2022 and will last till May 2022.
The increase is coming on the heels of the organization’s, decision to raise its output by zero point four million barrels per day on a Monthly basis, starting from August 2021 until the phasing out of five point eight million barrels per day product adjustment is December 2021.
This was announced in the organizations declaration of co-operation statement from nineteenth and Non-OPEC Ministerial Meeting in Vienna Austria.
According to OPEC the adjustment was in view of the current old Market fundamentals and the consensus on its outlook.
OPEC stated that compensation plans should be submitted in accordance with the statement of the fifteenth OPEC and Non-OPEC Ministerial Meeting.