Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output.
Nigeria is a long time member of OPEC, collaborating with the organisation for more than 50 years running.
OPEC and its allies had agreed on Sunday to adjust crude oil production upwards by 400,000 barrels per day.
It disclosed this in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually.
On decisions agreed upon by participating countries, the organisation stated that they decided “to adjust upward their overall production by 0.4mb/d (million barrel per day) on a monthly basis starting August 2021 up until phasing out the 5.8mbd production adjustment.”
Commenting on what the decision meant for Nigeria, the Special Assistant on Media to the Minister of State for Petroleum Resources, Garba-Deen Muhammad, told our correspondent on Tuesday that the country would increase its production.
He said, “The increase is usually across board. Whenever there is a cut in production, it is across board and now that we have an increase, it is also going to be across board.
It is divided in accordance with OPEC quota but I don’t have the numbers now.”
On whether the country would ramp up production any time soon, Mohammed replied, “Yes. I will get the numbers.”
Also, the Group General Manager of the Group Public Affairs Division of the Nigerian National Petroleum Corporation, Kennie Obateru, confirmed that OPEC would deploy its parameters to determine the oil production of its members going by the 400,000 barrels’ increase.