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OPEC deal increases Nigeria's crude oil output to 1.8mbpd


Member countries of the oil cartel, OPEC have agreed to increase oil output by an initial 400,000 barrels per day. The decision increases Nigeria’s oil output from about 1.4 million barrels per day to 1.8 million barrels per day by April 2022.
In a press release seen by Nairametrics, OPEC announced they had decided on the following:
Adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 up until phasing out the 5.8 mbpd production adjustment, and in December 2021 assess market developments and Participating Countries’ performance.
Continue to adhere to the mechanism to hold monthly OPEC and non-OPEC Ministerial Meetings for the entire duration of the Declaration of Cooperation, to assess market conditions and decide on production level adjustments for the following month, endeavouring to end the production adjustment by the end of September 2022 subject to market conditions. ....

Ministry Of Petroleum Resources , Participating Countrie , Petroleum Resources , அமைச்சகம் ஆஃப் பெட்ரோலியம் வளங்கள் , பெட்ரோலியம் வளங்கள் ,

OPEC+ crude oil production raise starts August


A statement issued after the meeting said this would take effect from August.
It said in view of the current oil market fundamentals and the consensus on its outlook, the participating countries reaffirmed the framework of the Declaration of Cooperation signed on 10 December 2016, further endorsed in subsequent meetings, including on 12 April 2020.
It said it was decided to extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st December 2022.
It said they also decided to adjust upward overall production by 0.4 mb/d on a monthly basis starting August 2021 up until phasing out the 5.8 mbd production adjustment, and in December 2021 assess market developments and Participating Countries’ performance. ....

Organisation Of Petroleum Exporting Countries , Petroleum Exporting Countries , Participating Countrie , ஆர்கநைஸேஶந் ஆஃப் பெட்ரோலியம் ஏற்றுமதி நாடுகள் , பெட்ரோலியம் ஏற்றுமதி நாடுகள் ,

OPEC, non-OPEC ministerial meeting resolves to raise crude output

OPEC, non-OPEC ministerial meeting resolves to raise crude output
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- 19th OPEC and non-OPEC Ministerial...

- 19th OPEC and non-OPEC Ministerial...
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