Nigeria Exceeds OPEC Quota as Oil Production Surges in February

Nigeria’s oil production exceeded its OPEC quota of 1.5 million barrels per day (bpd) by 70,000 bpd in February, marking a significant rise in output. The country recorded the second-largest production increase among OPEC members, contributing to the bloc’s overall output boost of 170,000 bpd to 26.74 million bpd last month. Iran led with an 80,000 bpd increase, while Saudi Arabia saw a slight decline. Nigeria’s higher output is due to increased crude exports and domestic refining capacity, particularly at the Dangote refinery. Despite ongoing production cuts by OPEC+, Nigeria’s performance highlights its efforts to strengthen its position in the global oil market. However, challenges like oil theft and low investment remain obstacles to sustained growth.

Source: Nairametrics