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Nigerian Crude/Cond Production at 1.7mn bpd - Targeting Higher Short Term

OIL

Nigeria is boosting its crude production target ahead of the latest OPEC+ meeting – which has been moved because of discontent from both Nigeria and Angola towards proposed quota reductions.

  • Nigerian crude/condensate production stood at 1.7mn bpd November 17 with 1.8mn bpd targeted for year end according to Olufemi Soneye, chief corporate communications officer at Nigeria's state oil firm NNPC, speaking with Reuters.
  • It wants to raise that figure higher still to 2mn bpd by end of Q1 2024.
  • On Angola leaving OPEC because of tighter quotas, Bloomberg reported “There’s no thinking in that direction” at the moment, Angola’s OPEC governor Estevao Pedro said by phone.
  • Chief OPEC correspondent Amena Bakr tweeted earlier “Both Nigeria and Angola are not accepting changes proposed to their baselines”
  • Amena added “Despite the current deadlock over the baselines none of the African states have threatened to leave Opec.”

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