Seven OPEC+ countries—Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia—agreed on the adjustment after a virtual meeting on global market review on Sunday.
He said Nigeria should think beyond OPEC production quotas and target higher crude oil output to maximise value.
The 1.65 million barrels per day (bpd) may be returned in part or in full, subject to evolving market conditions, and in a gradual manner, OPEC+ said.
The figure is a drop of 10,000 barrels per day when compared to the 1.427mbpd produced averagely in the month of January 2021.
“Investments have not recovered since a global level of $700 billion was witnessed in 2014…”
“The meeting extends special thanks to Nigeria for achieving full conformity in January 2021.”
Brent oil was up $1.28, or two percent, to $63.98 a barrel by 1050 GMT.
“To meet this future demand, the global oil sector will need cumulative investment of $12.6 trillion.”
“The WTO, under your leadership, will embark on a period of substantive and procedural reform.”
