Nigeria Boosts Oil Production by 70,000bpd Above OPEC+ Target — Survey

Nigeria is pumping 70,000 barrels per day above its OPEC+ target, according to a survey by Reuters.

According to the survey, Organization of the Petroleum Exporting Countries oil output rose in February, as Iranian exports held strong, despite renewed U.S. attempts to curb the flows, and Nigeria boosted output above its target within the wider OPEC+ group.

The OPEC pumped 26.74 million barrels per day last month, up 170,000 bpd from January’s revised total, the survey showed on Wednesday, with Iran and Nigeria posting the largest gains.

OPEC+, which includes OPEC plus Russia and other allies, is keeping production cuts in place through March due to expectations of limited demand and rising output outside the group.

But on Monday, it decided to stick with its plan to start raising output in April.

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

Iranian oil exports recovered during former U.S. President Joe Biden’s term, despite U.S. sanctions. Under his successor Donald Trump the U.S. 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. Nigeria is pumping 70,000 bpd 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. Output in the United Arab Emirates was slightly above its target. While the survey and January data provided by OPEC’s secondary sources show the UAE and Iraq are pumping close to the quotas, other estimates, such as those of the International Energy Agency, suggest they are pumping significantly more.

There were no significant declines in output last month, the survey found.

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