Nigeria is given a target oil output by OPEC of 1.5 million barrels per day.

A 1.5 million barrels per day oil output target has been set for Nigeria by the Organization of Petroleum Exporting Countries (OPEC) for 2024.

This occurred after strenuous talks that lasted many days, but it was still far less than Nigeria had hoped for.

For next year, the Federal Government had estimated its crude oil output at 1.78 million barrels per day earlier in the week.

According to a statement from the organization of nations that produce oil, Angola’s aim was also cut by OPEC.

The action came after OPEC+ members met in June and reached a complicated agreement that included revisions to output objectives for a number of producers.

Three consulting firms, IHS, Rystad Energy, and Wood Mackenzie, were assigned by OPEC to confirm the output statistics for Nigeria, Angola, and the Congo.

As a result, it has set targets for Nigeria, Angola, and the Congo for 2024: 1.5 million barrels per day, 1.11 million barrels per day, and 277,000 barrels per day, respectively.

In June, it was decided that Angola could produce 1.28 million barrels per day and Nigeria 1.38 million barrels per day, with the possibility of reaching 1.58 million barrels per day, pending the consultants’ evaluations.

Both have fallen short of prior targets due to inadequate investment and security problems.

Sources stated that disagreements over African output quotas were the cause of OPEC+’s decision to push back their in-person meeting from November 26 to yesterday, according to Reuters.

Bloomberg said on Thursday that Angola did not want to adhere to its 2024 output target because it was dissatisfied with it.