OPEC sets Nigeria’s 2024 oil output target at 1.5 million barrels per day

The Organisation of Petroleum Exporting Countries (OPEC) has assigned Nigeria a 2024 oil output target of 1.5 million barrels per day, a figure lower than the Federal Government’s earlier projection of 1.78 million bpd. The decision, reached after extensive negotiations, also saw a reduction in Angola’s target. OPEC had engaged consultancies like IHS, Rystad Energy, and Wood Mackenzie to verify production figures for Nigeria, Angola, and Congo. Nigeria’s adjusted target reflects challenges such as underinvestment and security issues. The postponement of OPEC+’s in-person meeting on November 26 was reportedly influenced by disagreements over African output quotas.