Nigeria’s oil production fell by 50,000 barrels per day to 1.5 million, aligning with its quota. Loading of Bonny Light crude faced delays due to a fire at the Trans-Niger Pipeline. OPEC reduced output by 110,000 barrels per day to 27.43 million, urging members to adhere to quotas.
Led by Saudi Arabia and Russia, OPEC+ plans to gradually restore production to support oil prices.OPEC adjusted production after President Trump urged a cut in oil prices, with leaders frustrated by Kazakhstan’s overproduction.
Iraq reduced output by 40,000 barrels to 4.15 million per day but remains above its 4 million limit, making little progress on pledged cuts. The UAE increased production by 30,000 barrels to 3.33 million, exceeding its quota. OPEC data from various sources indicates Iraq and the UAE are largely aligned with their agreed levels.
OPEC+ plans to add about 138,000 barrels per day this month, beginning a gradual increase through late 2026. A decision on the next phase, set for May, is expected soon, with delegates anticipating it will proceed.
