Nigeria’s crude oil and condensate production rose to an average of 1.3 million barrels a day in February, up from 1.16 million barrels a day in January, according to the Nigerian Upstream Petroleum Regulatory Commission.
The improvement points to a sustained upward trend in the country’s upstream activity, helped along by ongoing efforts from government and security agencies to clamp down on crude theft and pipeline vandalism — problems that have long held back Nigeria’s ability to hit its production targets.
Higher output carries real weight for Nigeria’s economy, boosting government revenue and easing pressure on foreign exchange reserves at a time when the national budget remains heavily dependent on oil earnings. It also strengthens Nigeria’s hand within OPEC+, potentially opening the door to higher quotas down the line, while giving international and local oil companies more confidence in the country’s operating environment.
Source: (premiumtimesng.com)