Nigeria is gearing up to increase its crude oil production, aiming to reach 1.8 million barrels per day (bpd) by year-end and targeting 2 million bpd by Q1 2024, with ambitions for 2.5 million bpd in the coming years, reports NNPC’s Chief Corporate Communications Officer, Olufemi Soneye.
This comes as OPEC+ surprises the market by postponing the critical ministerial meeting, originally slated for Nov. 26, to Nov. 30.
The OPEC+ meeting was anticipated to address output cuts for 2024, responding to plummeting oil prices amid demand uncertainties and escalating supply.
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Disagreements among OPEC members, including Angola, Congo, and Nigeria, are hindering consensus on output levels and potential reductions.
In June, Nigeria faced a downgrade in its 2024 production target from 1.74 million bpd to 1.38 million bpd. However, there’s a provision for an upward revision to 1.58 million bpd if independent consultancies verify the nation’s production capacity.