Good news for Nigeria’s oil industry! The Organization of the Petroleum Exporting Countries (OPEC) has given Nigeria a thumbs up, extending its current oil production quota of 1.5 million barrels per day (bpd) all the way through 2025.
This decision follows an increase implemented in November 2023. The extended quota shows OPEC’s trust in Nigeria’s ability to meet production targets and contribute steadily to the oil alliance.
But Nigeria is not the only one celebrating. OPEC, alongside non-member oil producers working with the cartel, has set a total production target of 39.72 million bpd for 2025. This breaks down to 24.13 million bpd for OPEC members and 15.59 million bpd for non-OPEC countries.
The secure production quota is a big win for Nigeria’s economy. Oil exports are a major source of income for the nation, and this decision provides stability and potentially boosts national revenue.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
