Nigeria Exceeds OPEC Quota as Oil Production Surges in February
Nigeria’s oil production surpassed OPEC’s 1.5 million barrels per day (BPD) in February’s OPEC quota of 70,000 bpd, marking a significant increase in output. The country recorded the second largest increase in production among OPEC members, which led to a total output growth of 170,000 bpd last month to 26.74 million bpd. Iran led 80,000 bpd while Saudi Arabia dropped slightly. Nigeria’s higher output is due to increased crude oil exports and domestic refining capacity, especially at the Dangote refinery. Despite OPEC+’s continued production cuts, Nigeria’s performance highlights its efforts to strengthen its position in the global oil market. But challenges such as oil theft and low investment remain barriers to continued growth.
source: gairametrics
