“On a monthly basis, the Commission meets with stakeholders including crude oil producers and local licensed refineries after which the producers are allocated a specific volume of their crude oil and condensate which should be offered to local licensed refineries.
“However, in line with the PIA, the framework operates on a “willing buyer, willing seller” basis, which shapes eventual outcomes,” the commission stated.
On a monthly basis, the report showed that while a total of 18, 127, 638 barrels were allocated to producers in April, producers exceeded expectation, offering 19, 312, 476 barrels to refiners. Eventually, 20, 879, 381 barrels were supplied to local refiners, meaning the producers met 114.9 percent of their allocation.
In May, the Commission allocated 18,778, 392 barrels of crude oil to the producers but the producers offered 23,187,893 barrels to the local refiners.
However, the producers’ actual supply to the refiners by the end of
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