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Nigeria Boosts Oil Production Above Its OPEC+ Quota - OILPRICE
Higher exports and increased demand from the huge new African refinery, Dangote, pushed Nigeria’s oil production in February 70,000 barrels per day (bpd) above its OPEC+ quota of 1.5 million bpd, a Reuters survey showed.
Last month, Nigerian production exceeded its quota in the OPEC+ agreement by the most among all participants.
The rise in Nigerian oil production and an increase in Iran’s output despite U.S. attempts to curb Iranian flows pushed up the total OPEC production in February, according to the Reuters survey.
Nigeria’s overproduction last month comes after years during which the top African oil-producing country consistently failed to pump to its OPEC+ quota due to oil theft and vandalism and struggles to launch new projects.
But in recent months, Nigerian authorities have been clamping down on oil theft and have been supportive of an increase in oil and gas output.
The Nigerian government aims to boost the country’s oil production by 1 million bpd by December 2026, from the current 1.75 million bpd, the head of the upstream regulator of Africa’s top crude producer said last month.
Thanks to a government crackdown on oil theft, losses have declined by 5,000 bpd and current oil output in the country is at about 1.75 million bpd, Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said at a town hall conference in February.
Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the biggest OPEC producer in Africa and often resulting in force majeure at the key crude oil export terminals.
“Looking ahead, he said the government aims to increase production by 1 million BOPD by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers, and host communities,” NUPRC said.
Nigeria is “more ready for business than ever,” the executive said, adding that the federal government is committed to regulatory certainty, investment-friendly policies, and global competitiveness.
By Tsvetana Paraskova for Oilprice.com
