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

According to a Reuters poll, Nigeria is pumping 70 000 barrels per day above its OPEC+ target.

In spite of renewed U.S. efforts to halt the flows, the Organization of Petroleum Exporting Countries’ oil output increased in February, according to the survey, and Nigeria’s output increased above its goal within the broader OPEC+ group.

According to the survey released on Wednesday, Iran and Nigeria posted the biggest gains, pumping 26.74 million barrels per day, up 170, 000 bpd from the revised total from January.

Production cuts are expected to be limited by expectations of limited demand and rising output outside the group, so OPEC+, which includes OPEC plus Russia and other allies, continues to operate through March.

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However, it made a decision on Monday to continue with its April output increase plan.

Iran, according to the survey, contributed the most oil, with output of 3.30 million bpd, accounting for 80, 000 bpd. According to Reuters surveys, this was in line with the highest reading since September, which was the highest reading since then.

Despite U.S. sanctions, Iranian oil exports increased during former U.S. President Joe Biden’s presidency. The United States is redoubled its efforts to reduce them to zero under Donald Trump’s leadership.

Nigeria saw the second-largest increase in output, with both domestic demand and export growth at the Dangote refinery. Nigeria’s OPEC+ target of 70, 000 bpd is being met by the country.

According to the survey, output in Saudi Arabia and Iraq, the two biggest producers of OPEC, increased and decreased, respectively. Both countries are pumping less than their OPEC+ goals. The United Arab Emirates’ output exceeded its target by a small amount. While the UAE and Iraq are pumping close to the quotas, according to a survey and data provided by OPEC’s secondary sources, other estimates, like those from the International Energy Agency, suggest that they are doing so much more.

Source: Channels TV