Nigeria’s oil manufacturing surged in February, exceeding its OPEC quota of 1.5 million barrels per day by 70,000 bpd, and contributing to the cartel’s elevated output in February, a Reuters survey has discovered.
The survey, launched on Wednesday, revealed that Nigeria recorded the second-largest manufacturing enhance amongst members of the Group of the Petroleum Exporting Nations (OPEC), contributing to the bloc’s general rise in output.
OPEC reportedly pumped 26.74 million bpd final month, up by 170,000 bpd from January’s whole, with Iran contributing the very best enhance of 80,000 bpd.
The rise in Nigeria’s output is attributed to an increase in crude oil exports and a rise in home consumption, notably on the 650,000 bpd Dangote refinery.
OPEC+, a gaggle that features OPEC, Russia, and another oil-producing companions, is holding manufacturing cuts in place by means of March due to considerations about weak demand and rising oil provide from non-member nations.
Nonetheless, on Monday, the group confirmed its choice to start rising manufacturing in April as deliberate.
The rise in Nigeria’s output regardless of OPEC’s manufacturing cuts exhibits that the biggest oil producer in Africa is bettering its standing within the international oil market.
Nigeria has struggled with fluctuating manufacturing on account of oil theft, pipeline vandalism, and operational inefficiencies in recent times, making February’s output development a major improvement.
Iran leads OPEC manufacturing enhance, slight lower in Saudi
Iran led OPEC’s manufacturing enhance in February with an 80,000 bpd enhance, reaching 3.30 million bpd. This got here regardless of renewed U.S. efforts to curb Iranian oil exports by President Donald Trump, who has vowed to reinstate strict sanctions earlier imposed by his predecessor.
- The survey discovered that oil manufacturing in Saudi Arabia, OPEC’s largest producer, barely decreased, whereas Iraq’s output noticed a small enhance. Nonetheless, each nations are nonetheless producing under their OPEC+ quotas.
- In the meantime, the United Arab Emirates produced barely greater than its goal. Whereas January information supplied by OPEC’s secondary sources point out that the UAE and Iraq are staying near their assigned quotas, different estimates, together with these from the Worldwide Power Company, recommend their precise manufacturing ranges could also be a lot larger.
Reuters famous that its “survey goals to trace provide to the market and is predicated on flows information from monetary group LSEG, data from different firms that monitor flows corresponding to Kpler, and knowledge supplied by sources at oil firms, OPEC and consultants.”
What it’s best to know
Nairametrics reported that Nigeria barely exceeded its OPEC quota in January 2025, when it produced a median of 1,539,000 bpd, in line with OPEC’s Month-to-month Oil Market Report.
- The Nigerian authorities has maintained its dedication to boosting oil output in 2025, from 1.5 million bpd to above 2 million bpd. Nonetheless, specialists say this can be troublesome if points corresponding to oil theft within the Niger Delta and low funding persist.
- The federal government is seeking to discover offshore drilling and the resumption of oil exploration in Ogoniland, amongst different choices, to spice up manufacturing.
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