WATCH THE VIDEO HERE NIGERIA is producing 70,000 barrels per day (bpd) above its OPEC+ target, according to a survey by Reuters. The survey revealed that the Organization of the Petroleum Exporting Countries (OPEC) increased oil output in February, driven by strong Iranian exports and Nigeria’s rising production. OPEC pumped 26.74 million bpd last month, an increase of 170,000 bpd from January’s revised total, with Iran and Nigeria recording the highest gains. OPEC+, which includes OPEC members, Russia, and other allies, has maintained production cuts through March due to concerns over weak demand and rising output from non-OPEC producers. However, on Monday, the group reaffirmed its plan to gradually increase output from April. Iran recorded the highest output increase, adding 80,000 bpd to reach 3.30 million bpd, matching its highest production level since 2018. Despite renewed U.S. sanctions under the Trump administration, Iranian exports have remained strong. Nigeria followed closely, posting the second-largest production increase. Higher exports and domestic refining at the Dangote refinery contributed to the country exceeding its OPEC+ target by 70,000 bpd. Meanwhile, Saudi Arabia and Iraq, OPEC’s two largest producers, recorded slight fluctuations, with Saudi output slightly lower and Iraq’s slightly higher. Both countries remained below their OPEC+ quotas, while the United Arab Emirates (UAE) slightly exceeded its target. The survey found no significant declines in production among OPEC members last month.
Nigeria boosts oil production by 70,000 bpd above OPEC+ target — Survey
