Nigeria is in talks with OPEC+ to raise its oil production quota to about 2.2 million barrels per day, the OPEC member’s petroleum minister told reporters on Tuesday in Dubai.
“What we’re getting right now is 1.74 million barrels per day (bpd) we think we can do about 2.2 [million bpd],” petroleum minister Timipre Sylva told reporters on the sidelines of the Gastech conference in Dubai.
He added that his country can achieve that production level in six months.
Nigeria was currently producing below its 1.74 million bpd quota due to technical challenges, Sylva said, but he expected to hit that output target in the next month or two.
Sylva said that he didn’t expect the Organization of the Petroleum Exporting Countries and its allies, a group is known as OPEC+, to take any extraordinary measures when they meet next month.
He said that current oil prices were at a very “comfortable level” adding that $70 a barrel was an optimal figure. Brent prices were up 81 cents a barrel at $74.73 a barrel by 1220 GMT. Sylva said that he expects peak oil demand to come in 2030.Reuters