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Thursday, May 26, 2022


Nigeria, Angola fail to meet crude production quota as OPEC+ output rises marginally in Nov

OPEC+ compliance with oil production cuts rose to 117 percent in November from 116 percent a month earlier, two sources from the group told Reuters, indicating production levels remain well below agreed targets.

The OPEC+ data shows West African producers Nigeria and Angola continued to struggle to pump at target with Angola’s compliance hitting its highest this year at nearly 300 percent.

Nigerian compliance fell by 10 percentage points month on month to 239 percent, as the country raised production slightly.

The two countries have failed to produce at targets in recent years due to underinvestment, persistent maintenance issues and an exodus of international energy companies.

Compliance from the 10 OPEC countries participating in the production cuts reached 122 percent, with participating non-OPEC countries achieving 107 percent, data seen by Reuters showed.

READ ALSO: Nigeria customs surpasses 2021 revenue target by 37%, hits N2.3 bln collection

The International Energy Agency (IEA) said in its December oil market report that OPEC+ missed its production targets by 650,000 barrels per day (bpd) last month, compared with 730,000 bpd in October.

Production of Russian oil and gas condensate, the latter being excluded from the deal, has been broadly stable in December versus November.

Russian Deputy Prime Minister Alexander Novak has said the country’s oil production will reach pre-pandemic levels by May 2022.
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