Nigeria Exceeds OPEC Oil Production Quota in February
In February, Nigeria surpassed its OPEC quota of 1.5 million barrels per day (bpd) by 70,000 bpd, marking a significant increase in output. This rise in production contributed to OPEC’s overall output boost of 170,000 bpd to reach 26.74 million bpd last month. Iran led with an 80,000 bpd increase, while Saudi Arabia experienced a slight decline in production.
The increase in Nigeria’s oil production can be attributed to higher crude exports and improved domestic refining capacity, particularly at the Dangote refinery. This performance underscores Nigeria’s efforts to strengthen its position in the global oil market, despite ongoing production cuts by OPEC+.
However, challenges such as oil theft and low investment continue to pose obstacles to sustained growth in Nigeria’s oil industry. Addressing these issues will be crucial for the country to maintain its production levels and competitiveness in the global market.
Source: Nairametrics
