# Amid sliding capacity, OPEC raises Nigeria's quota to 1.77m bpd

> OPEC and its allies, including Russia and Kuwait, agreed to hold June crude output at a scheduled 432,000 barrels per day. The agreement raises Nigeria's production cap by 1.1 percent.

- Date: 2022-05-06 · published 2022-05-06T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/41324-amid-sliding-capacity-opec-raises-nigeria-s-quota-to-1-77m-bpd
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher quotas add crude supply to the market, which can ease energy prices and reduce biofuel and fertilizer input costs over time.

## Read by commodity

- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-03-09 | [Opec+ likely to raise July oil output by 188,000 bpd](https://feedsoft.ai/events/65930-opec-likely-to-raise-july-oil-output-by-188-000-bpd.md) | +1.0% | +4.8% |
| BRENT | 2017-03-14 | [Saudi Arabia tells Opec it raised output to 10 million bpd in February \| The National](https://feedsoft.ai/events/71903-saudi-arabia-tells-opec-it-raised-output-to-10-million-bpd-in-february-the.md) | +0.8% | +9.2% |
| BRENT | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +5.1% | -2.8% |
| BRENT | 2021-07-19 | [U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears](https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears.md) | +0.6% | -4.4% |
| BRENT | 2017-03-27 | [OPEC, non-OPEC to look at extending oil-output cut by six months](https://feedsoft.ai/events/71897-opec-non-opec-to-look-at-extending-oil-output-cut-by-six-months.md) | +4.2% | +0.3% |

## Sources

- businessday.ng: https://businessday.ng/energy/article/amid-sliding-capacity-opec-raises-nigerias-quota-to-1-77m-bpd/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.