Following agreement reached by members of the Organization of Petroleum Exporting Countries, Nigeria will increase crude oil production.

OPEC and its allies made the agreement on Sunday to adjust crude oil production upwards by 400,000 barrels per day.

This was disclosed in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually.

OPEC said they have decided “to adjust upward their overall production by 0.4mb/d (million barrel per day) on a monthly basis starting August 2021 up until phasing out the 5.8mbd production adjustment.”

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