Nigeria’s oil output in February exceeded its OPEC quota by 70,000 bpd, boosting OPEC’s overall production, Reuters reports. Strong Iranian exports and Nigeria’s increased output drove the rise.
Higher production enhances Nigeria’s revenue, global influence, and investment potential.Nigeria’s oil output exceeded its OPEC quota by 70,000 bpd in February, contributing to OPEC’s 170,000 bpd production rise, Reuters reports. While boosting revenue and influence, it also exposes Nigeria to oil price volatility.
OPEC+ maintained output cuts through March but plans to increase production from April. Iran saw the largest rise, reaching 3.3 million bpd, its highest since 2018. Nigeria aims to hit 2.06 million bpd by 2025 to support its N55 trillion budget.Iran’s oil exports rebounded under Biden despite sanctions, but the U.S. under Trump is pushing to cut them to zero.
Nigeria recorded the second-largest output gain, exceeding its OPEC+ target by 70,000 bpd, driven by exports and Dangote refinery demand. Saudi Arabia’s output dipped, Iraq’s rose, and the UAE slightly exceeded its target. While OPEC data shows the UAE and Iraq near quotas, IEA estimates suggest higher production.
The survey found no major output declines last month.Reuters’ survey monitors market supply using data from financial group LSEG, flow trackers like Kpler, and insights from oil companies, OPEC, and consultants.
