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Nigeria to seek higher oil quota at November OPEC meeting

Heineken Lokpobiri
Heineken Lokpobiri

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said Nigeria will demand an upward review of its oil production quota at the Organisation of Petroleum Exporting Countries (OPEC) meeting in November.

Lokpobiri stated this during an interview in Abuja, noting that the current quota of 1.5 million barrels per day no longer reflects Nigeria’s true production capacity.

He said Nigeria now produces about 1.7 million barrels daily, including condensates, and has the capacity to exceed two million barrels per day.

“The OPEC quota is due for review, and we will make a strong case for Nigeria to produce up to two million barrels per day,” Lokpobiri said.

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The minister attributed the recovery to improved infrastructure, better security in the Niger Delta, and renewed investor confidence in the upstream sector.

He noted that the country’s rig count has risen from 14 to nearly 50, adding that indigenous operators such as Renaissance and Seplat have expanded production following asset acquisitions from international oil companies.

Lokpobiri praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for enforcing the Petroleum Industry Act and restoring investor trust through transparency and consistency.

He said Nigeria’s improved output, domestic supply obligations, and verifiable data would form part of its case at the OPEC meeting.

The minister also credited President Bola Tinubu’s executive orders with reducing production costs and making the sector more competitive.

Lokpobiri reaffirmed Nigeria’s target of achieving 2.06 million barrels per day by 2025, saying the country now has both the capacity and policy stability to sustain higher production levels.

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