By G9ija

THE Organization of Petroleum Exporting Countries, OPEC and its allies, have increased Nigeria’s oil quota to 1.830 million barrels per day, mb/d in September 2022, from 1.826 mb/d in August 2022.

This is one of the moves, targeted at achieving increased stability in the global oil market.

Consequently, prices of many crudes, including Nigeria’s Bonny Light, bounced back to over $100 per barrel in the global market.

However, it is doubtful if Nigeria, currently producing about 1.4 mb/d, including condensate, would meet its target due to lingering pipeline vandalism, oil theft and illegal refining in the Niger Delta region of the country.