In August 2023, the country fell short by over 560,000 barrels per day, producing approximately 1.18 million barrels per day compared to its OPEC allocation of 1.742 million barrels per day.

During a Nigerian oil and gas conference, OPEC Secretary General Haitham Al Ghais emphasized that global demand for all types of energy is projected to increase by 23% by 2045.

Oil prices rise $1 per barrel

OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery.

A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021, signaling a more negative view of the market just days before the group decides on production policy.

Norway has announced it will reduce oil output for the second half of 2020

The two nations acted prior to the May 1 deadline set by OPEC+

Oil prices rose on Monday after the world’s largest producing oil nations agreed to the largest ever production cut in history to end a price war between Russia and Saudi Arabia.

The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.