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Tag: OPEC quota

Oil and Gas

OPEC+ raises oil quota for May amid Iran war

OPEC+ is set to raise its oil production quota by 206,000 barrels per day for May 2026. This is according to sources who spoke to Reuters ahead of the group’s meeting. However, the planned increase is expected to have limited real impact, as ongoing geopolitical tensions—particularly the U.S.-Israeli conflict with Iran continue to disrupt supply […]

Oil and Gas

Nigeria records modest oil production growth amid OPEC shortfall

Nigeria’s crude oil output climbed to 1.459 million barrels per day in January 2026, maintaining its status as Africa’s top oil producer, though still below its OPEC-assigned quota. The figures were revealed in OPEC’s latest Monthly Oil Market Report released Wednesday. While the data shows modest month-on-month production growth, it also highlights Nigeria’s ongoing challenge […]

Crude oil
featured Oil and Gas

Nigeria’s oil output drops to 1.486mbpd, below OPEC quota

The Organisation of Petroleum Exporting Countries has reported that Nigeria’s oil production, excluding condensate, experienced a 0.7 per cent drop, falling to 1.486 million barrels per day in November 2025 from the 1.496 million bpd produced in October 2025. OPEC does not count condensate in its figures, a resource of which Nigeria produces approximately 196,028 […]

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Nigeria hits OPEC quota first time in five months

Nigeria’s oil and gas sector posted a modest rebound in June 2025, with crude oil production meeting the Organisation of Petroleum Exporting Countries quota for the first time since January. According to figures released by the Nigerian Upstream Petroleum Regulatory Commission on Tuesday, total daily oil and condensate output hit 1.697 million barrels per day, […]

featured

Nigeria exceeds OPEC quota with 70,000 bpd surplus in February

Nigeria’s crude oil production increased in February, 2025 with the country producing approximately 70,000 barrels per day above its Organization of the Petroleum Exporting Countries quota, according to a Reuters survey. OPEC’s oil output increased last month, driven by resilient Iranian exports despite renewed U.S. restrictions and Nigeria’s production exceeding its 1.5 million bpd target […]

Oil and Gas

Nigeria’s oil production drops 30,000b Sept – OPEC

Nigeria’s average crude oil production in September dropped by 33,000 barrels to 1.405 million barrels per day. In its October oil market report, OPEC noted that Nigeria’s crude oil production decreased from 1.438 million barrels per day in August, based on secondary data from Nigerian authorities. Direct communication indicates that Nigeria’s average crude oil production […]

World Bank punishes Nigerian firms, individuals for corruption
News Oil and Gas

Fuel subsidy puts Nigerian economy at high risk –World Bank

The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in a new biannual report known as Africa’s Pulse. According to the bank, Nigeria is projected to have a 3.8 per cent […]

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