Nigeria Increases Oil Production by 70,000 BPD, Surpassing OPEC+ Target – Survey

A recent survey reveals that Nigeria has boosted its oil production by 70,000 barrels per day, exceeding the OPEC+ target. Experts weigh in on the implications for the global oil market.

According to a Reuters survey, Nigeria is producing 70,000 barrels per day more than its OPEC+ target.

According to the survey, oil production by the Organization of the Petroleum Exporting Countries increased in February. This rise was attributed to consistently strong Iranian exports, despite renewed U.S. efforts to limit them, and Nigeria increasing its output beyond its set target within the broader OPEC+ alliance.

According to the survey released on Wednesday, OPEC increased its production to 26.74 million barrels per day last month, a rise of 170,000 bpd compared to January’s revised figures. Iran and Nigeria saw the largest increases in output.

OPEC+, comprising OPEC, Russia, and other allied countries, is maintaining production cuts until March due to anticipated limited demand and increased output from non-member nations.

However, on Monday, it chose to proceed with its plan to begin increasing output in April.

According to the survey, OPEC’s largest increase of 80,000 barrels per day was attributed to Iran, bringing its output to 3.30 million bpd. This level matches September’s production figure—the highest recorded since 2018 based on Reuters surveys.

During former U.S. President Joe Biden’s term, Iranian oil exports rebounded despite continuing U.S. sanctions. Under his successor, Donald Trump, the United States is renewing efforts to reduce these exports to zero.