As Saudi Arabia Reduces Production, OPEC Increases Nigeria’s Oil Supply.

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On Sunday, OPEC+ members and non-members agreed to reduce crude oil production levels in order to maintain the stability of the world oil market, but they left Nigeria, Congo, and Angola free to continue producing as much as possible to meet their OPEC quota of 2023.

However, Saudi Arabia, a significant oil producer and OPEC member, voluntarily reduced its production by an additional 1 million barrels per day as part of an agreement reached by OPEC+ after hours of difficult negotiations, according to Bloomberg.

Abdulaziz bin Salman, the Saudi Arabian minister of energy, surprised everyone by announcing the cut in a statement. The most significant provision of the accord, which also includes a commitment to extend voluntary cuts through 2024. 
Nigeria and other OPEC and non-OPEC members met at the 35th Joint Ministerial Monitoring Committee Meeting of OPEC held in Vienna, Austria, on Sunday.

Also, Nigeria, Congo and Angola have agreed that the highest production volumes of the last six months from November 2022 to April 2023 should be used as the basis for the determination of their 2024 production quota.


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