Nigeria to increase oil output in line with OPEC plan

Jun 30, 2004 02:00 AM

Nigeria's decision to pump more oil now is in line with OPEC's recent agreement to raise its output ceiling from July 1, a government official said.
"It is in line with the decision by OPEC," an aide to Edmund Daukoru, Nigeria's Presidential Adviser on Petroleum and Energy. "It's not as though the decision was taken out of a vacuum," he added. The official was responding to a report which said that Nigeria has called on all foreign oil firms operating in the country to pump as much oil as they can.

In an attempt to cool soaring oil prices, OPEC recently agreed as part of a two-stage plan, to raise its official output target by 2.5 mm bpd.
The first part of that plan is due to take effect from the beginning of July, when OPEC will increase its ceiling by 2 mm bpd to 25.5 mm bpd. Under OPEC's new production agreement, Nigeria will have a quota of 2.101 mm bpd, up from 2.03 mm bpd.

There are indications that the country is currently producing around 2.4 mm bpd and Nigerian officials say it could pump as much as 2.7 mm bpd.
The Nigerian official, meanwhile, said he isn't aware of any specific figure given to foreign oil firms as to how much they should now produce.

Source: Petroleumworld
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