OPEC has partially settled the dispute that occurred some weeks back as some top oil-producing countries (Nigeria and Angola) clamoured for an increase in their production quota in 2024.
Yesterday, Nigeria was given the right to an oil output target of 1.5 million barrels per day for 2024, while Angola rejected the OPEC quota as they plan to produce more in 2024.
However, this differed from Nigeria's expectations, as the Bola Tinubu-led administration pegged the nation's crude oil output at 1.78 million bpd for next week.
The move on crude oil output followed a meeting in June where OPEC+ agreed on a complex deal that revised production targets for several members.
Also, according to a statement from the group of oil-producing countries, OPEC lowered the oil output of Angola, which is considered the second-largest oil-producing country in Africa.
OPEC has three consultancies tasked with verifying the production of Nigeria, Angola, and Congo, including Rystad Energy, IHS, and Wood Mackenzie.
Based on that, Nigeria has been given a 2024 target of 1.5 million barrels per day, Angola 1.11 million bpd, and Congo a target of 277,000 bpd.
In June, it had been agreed, pending the assessments by the consultancies, that Angola could produce 1.28 million bpd, Nigeria 1.38 million bpd, and possibly as much as 1.58 million bpd, the report shows.
Read more: https://www.investingport.com/angol...2024-opec-oil-output-as-nigeria-accepts-fate/