Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output.
Nigeria is a long time member of OPEC, collaborating with the organisation for more than 50 years running.
OPEC and its allies had agreed on Sunday to adjust crude oil production upwards by 400,000 barrels per day.
It disclosed this in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually.
On decisions agreed upon by participating countries, the organisation stated that it decided to adjust upward the overall production by 0.4mb/d (million barrel per day) on a monthly basis starting August up until phasing out the 5.8mbd production adjustment.
Commenting on what the decision meant for Nigeria, the Minister of State for Petroleum Resources, Timipre Sylva said the country would increase its production.
Also, the Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation, Kennie Obateru, confirmed that OPEC would deploy its parameters to determine the oil production of its members going by the 400,000 barrels’ increase.