Nigeria’s Oil Output To Reduce By 20.7%

Nigeria’s oil output quota will be decreased by 20.7% as a result of the Organization of Petroleum Exporting Countries (OPEC) and its allies’ agreement to reduce world oil production by 1.393 million barrels per day.

The largest economy in Africa will have its daily production quota reduced to 1.380 million barrels under the revised production schedule decided upon in the virtual conference, which will run from January to December 2024.

The anticipated output quotas for Nigeria were 1.826 million bpd, 1.830 million bpd, 1.826 million bpd, and 1.747 million bpd for the months of August, September, October, and November, respectively.

However, Nigeria’s failure to reach earlier targets has reduced the amount of dollars earned from oil sales. The country’s crude is stranded in large quantities as consumers switch to less expensive options.