The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day.

Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota marginally from 1.826mbpd in August to 1.83mbpd in September.

This came as industry figures seen in Abuja indicated a drop in the cost of crude oil, as Brent fell by 2.36 per cent, shedding $2.37 to close at $98.17/barrel as at 5.10pm Nigerian time.

It was also observed that crude oil grades in the OPEC basket dropped in price, losing $1.94 or 1.82 per cent, to close at $104.86/barrel at 5.13pm.

Oil prices have stayed above $100/barrel for months due several industry concerns such as the war in Ukraine by Russia.

However, Nigeria has not benefited much from the price increase because of its persistent inability to meet its monthly oil production quota approved by OPEC.

Figures obtained from OPEC showed that while the OPEC quota for Nigeria in June 2022, for instance, was 1.772mbpd, the country could only produce 1.158mbpd

Credit: Punch

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