Nigeria is currently producing 70,000 barrels per day in excess of its OPEC+ target, as reported by a Reuters survey. The survey indicates that oil production from the Organization of the Petroleum Exporting Countries (OPEC) increased in February, bolstered by robust Iranian exports despite renewed U.S. efforts to restrict these flows. Additionally, Nigeria has raised its output beyond its designated target within the broader OPEC+ framework.
According to the survey released on Wednesday, OPEC’s total production reached 26.74 million barrels per day last month, reflecting an increase of 170,000 barrels per day from the revised figures for January, with Iran and Nigeria contributing the most significant gains.
OPEC+, which encompasses OPEC along with Russia and other allied nations, has opted to maintain production cuts through March, anticipating limited demand and increased output from outside the group. However, a decision was made on Monday to proceed with plans to gradually increase output starting in April.
The most substantial increase in production, amounting to 80,000 barrels per day, was attributed to Iran, which achieved an output of 3.30 million barrels per day. This figure aligns with the highest output recorded since 2018, as per Reuters surveys.
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During the administration of former U.S. President Joe Biden, Iranian oil exports saw a recovery despite U.S. sanctions. In contrast, under the current administration of President Donald Trump, efforts are being renewed to eliminate these exports entirely. The second-largest increase in production was noted in Nigeria, where both exports and domestic consumption at the Dangote refinery have risen, contributing to the country’s output exceeding its OPEC+ target by 70,000 barrels per day.
