Nigeria has ramped up its oil production, exceeding its OPEC+ quota by 70,000 barrels per day (bpd), according to a recent Reuters survey.
The survey, released Wednesday, revealed that OPEC’s total oil output rose by 170,000 bpd in February, with Nigeria and Iran recording the highest production gains. While Iran led with an 80,000 bpd increase, Nigeria followed closely, benefiting from increased exports and rising domestic demand, particularly due to the Dangote refinery.
Despite OPEC+ extending production cuts until March to stabilize global prices, the coalition plans to gradually raise output from April. However, Nigeria’s higher-than-expected production signals its push to maximize revenue and strengthen its energy sector.
Meanwhile, oil production in Saudi Arabia and Iraq saw marginal adjustments, while the UAE slightly exceeded its OPEC+ target. The report highlights growing discrepancies in production estimates, with some agencies suggesting higher output levels from certain producers.
With no major declines recorded in February, Nigeria’s ability to sustain its current production levels amid OPEC’s evolving policies remains a key point of interest in the global oil market.
