Nigeria is to produce an average of 1.380 million barrels per day of the total 40.463 million barrels per day oil production quota set for 2024 by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC.
The new production quota figure was released at the end of the 35th OPEC and non-OPEC Ministerial Meeting in Vienna, Austria on Sunday.
Nigeria’s latest production quota would be a significantly higher volume after plunging to the current figure of about 1.180 million barrels per day in April.
The figure is lower by 191, 000 barrels per day month-on-month basis, with the crude oil output increases recorded mainly in Saudi Arabia, Angola and IR Iran, while the production in Iraq and Nigeria maintained a declining trend.

OPEC secondary sources revealed that the total OPEC-13 crude oil production capacity averaged 28.60 million barrels per day in April 2023.
OPEC-13 includes the 10-member countries of the group, namely Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Kuwait, Nigeria, Saudi Arabia and United Arab Emirate as well as three others ( Ecuador, Indonesia and Qatar) that have either suspended their membership or indicated interest to withdraw from the group.
Nigeria’s crude oil production figures have continued to decline since 2021 in the wake of the global crisis triggered in the international crude oil market by the COVID-19 pandemic and the breakout of the ongoing conflict between Russia and Ukraine.
In 2021, the country, which accounts for about 5.5 percent of OPEC production, and about 3.4 percent of the combined output volume by OPEC+, recorded fan average production of 1.373 million barrels per day.
The figure declined to about 1.204 million barrels per day in 2022, with about 1.063 million barrels per day produced in the third quarter of the year.
Although the country’s output recorded a marginal growth to about 1.171 million barrels per day in the fourth quarter of 2022, and a further increase to 1.342 million barrels per day in the first quarter of 2023, the average production capacity in February was about 1.371 million barrels per day; 1.350 million barrels per day in March and 1.180 million barrels per day in April.
The country’s prevailing output figure is significantly lower than the approved crude oil output average of 2.3 million barrels per day in the 2023 Fiscal Appropriation.
At the end of the meeting on Sunday, indications were that Nigeria’s required oil production level may be updated along with Congo to equal the average production ceiling expected to be achieved in 2024 after the assessed of OPEC member countries output inventories by the three independent sources appointed by OPEC, namely IHS, Wood Mackenzie, and Rystad Energy.
By end June 2024, the three independent assessors, which specialise in oil upstream sources out information (IHS, Wood Mackenzie, and Rystad Energy) are expected to carry out an assessment of all OPEC and non-OPEC Participating Countries in the Declaration of Cooperation to identify countries’ production capacities to be used for the 2025 reference production levels.
Nigeria’s stated oil production plan in 2024 puts a projected oil output figure of about 1.578 million barrels per day, subject to verification.
If the schedule verification by the Independent assessors confirms the projected output figure, Nigeria may be allowed to reflect 1.578 million barrels per day as its required production level for 2024.


The communiqué issued at the end of the meeting reaffirmed the Framework of the Declaration of Cooperation, signed on December 10, 2016 to maintain an output cut regime among members to strengthen crude oil prices and stabilise the oil market in the wake of the global economic crisis.
The meeting further endorsed the resolution by OPEC+ in subsequent meetings as well as the Charter of Cooperation, signed on July 2, 2019.
The communiqué read: “In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings as well as the Charter of Cooperation, signed on 2 July 2019.”
The meeting also resolved to adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 million barrels per day, starting January 1, 2024 until December 31 2024, to be distributed as per the attached table.
Members reaffirmed their commitment to extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat.
While the JMMC would be held every two months, the OPEC and non-OPEC Ministerial Meeting (ONOMM) was scheduled for every six months in accordance with the ordinary OPEC scheduled conference.
Other resolutions during the meeting included the decision to grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
Also, they reaffirmed their commitment to the DoC conformity, to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries.
They reiterated the critical importance of adhering to full conformity, and to subscribe to the concept of compensation by those countries who produce above the required production level as per the attached table, in addition to their already decided production levels.
The 36th OPEC and non-OPEC Ministerial Meeting is scheduled forSunday, November 26,2023, in Vienna.