By Emmanuella Anokam
The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level is only intended for September 2022.
OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference on Monday obtained by the News Agency of Nigeria (NAN), Abuja.
NAN recalls that the 19th and 29th OPEC and non-OPEC Ministerial Meetings approved upward adjustment of overall production for August 2022 by 0.648 mb/d.
According to the meeting, the required production level of August and October, 2022 for OPEC and non-OPEC Participating Countries remains the same.
Required production level for Nigeria was 1,830 mb/d in September while 1,826 mb/d was required in October and August.
The meeting decried adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability …