Nigeria exceeded the April production quota set by the Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) by 84,000 barrels per day, producing 1.6 million barrels per day instead of the 1.516 million barrels per day quota.
Per the OPEC+ rule, participating countries who exceed their quotas for the month are to make up for their excess production by cutting the equal volume exceeded by the end of September 2021.
According to a survey by S&P Global Platts released on Monday 10th May 2021, OPEC+ countries exceeded their quotas for the month by 25.28million barrels per day. According to Platts’ calculations, the ten OPEC members with quotas under the deal and the nine non-OPEC allies achieved a conformity level of 111% in April.
According to reports, if the extra Saudi cut was removed from the data set, the compliance falls to 96%, which would be the lowest since July 2020.
OPEC+ Ministers are to hold a virtual meeting by June 1st to review market forecasts, adjust compliance and decide the next step to easing quotas.
/strong%20and%20its%20allies%20(OPEC+)%20by%2084,000%20barrels%20per%20day,%20producing%201.6%20million%20barrels%20per%20day%20instead%20of%20the%201.516%20million%20barrels%20per%20day%20quota.img%20class=size-medium%20wp-image-3808%20alignright%20src=https://ibekachikwu.com/wp-content/uploads/2021/03/0ab97d77-458e-407f-b5b5-13b26856dbd9-300x200.jpg%20alt=%20width=300%20height=200%20/Per%20the%20OPEC+%20rule,%20participating%20countries%20who%20exceed%20their%20quotas%20for%20the%20month%20are%20to%20make%20up%20for%20their%20excess%20production%20by%20cutting%20the%20equal%20volume%20exceeded%20by%20the%20end%20of%20September%202021.According%20to%20a%20survey%20by%20S&P%20Global%20Platts%20released%20on%20Monday%2010th%20May%202021,%20OPEC+%20countries%20exceeded%20their%20quotas%20for%20the%20month%20by%2025.28million%20barrels%20per%20day.%20According%20to%20Platts'%20calculations,%20the%20ten%20OPEC%20members%20with%20quotas%20under%20the%20deal%20and%20the%20nine%20non-OPEC%20allies%20achieved%20a%20conformity%20level%20of%20111%%20in%20April.According%20to%20reports,%20if%20the%20extra%20Saudi%20cut%20was%20removed%20from%20the%20data%20set,%20the%20compliance%20falls%20to%2096%,%20which%20would%20be%20the%20lowest%20since%20July%202020.OPEC+%20Ministers%20are%20to%20hold%20a%20virtual%20meeting%20by%20June%201supst/sup%20to%20review%20market%20forecasts,%20adjust%20compliance%20and%20decide%20the%20next%20step%20to%20easing%20quotas.){kind=link}