Nigeria’s Daily Crude Oil Output Rises to 1.57 million Barrels

According to a survey by Reuters, output by OPEC rose in February as the cartel pumped 26.74 million barrels per day last month, up 170,000 barrels per day from January’s revised total, the survey showed on Wednesday.

Iran and Nigeria led the boost as Iranian exports held strong despite renewed US attempts to curb the flows while Nigeria boosted output above its target within the wider OPEC+ group.

Nigeria has set an ambitious target to produce 2.06 million barrels this year and efforts have started showing with the country scaling beyond the 1.5 million barrels per day set by OPEC.

OPEC+ is keeping production cuts in place through March due to expectations of limited demand and rising output outside the group.

However, the alliance has decided to stick with its plan to start raising output in April.

OPEC’s biggest rise, of 80,000 barrels per day, came from Iran, the survey found, with output of 3.30 million barrels per day. This matched September’s figure which was the highest since 2018, according to Reuters surveys.

Iranian oil exports recovered during former US President Joe Biden’s term, despite sanctions but now, under his successor Donald Trump, the US is renewing efforts to cut them to zero.

The second-largest gain in output came from Nigeria where exports rose and domestic usage increased at the Dangote refinery. The survey noted that Nigeria is pumping 70,000 barrels per day above its OPEC+ target.

Output in OPEC’s two biggest producers, Saudi Arabia and Iraq, edged lower and higher respectively, the survey found. Both nations are pumping less than their OPEC+ targets.

However, output in the United Arab Emirates (UAE) was slightly above its target.

The survey, however, found that there were no significant declines in output last month.