Nigeria’s oil production in February exceeded its OPEC+ quota by 70,000 barrels per day (bpd), reaching 1.57 million bpd, driven by higher exports and increased demand from the Dangote Refinery, according to a Reuters survey.
The country recorded the highest overproduction among OPEC+ members last month, contributing to a rise in the group’s total output alongside Iran, which increased production despite U.S. sanctions.
For years, Nigeria struggled to meet its OPEC+ quota due to oil theft, pipeline vandalism, and delays in launching new projects. However, recent government measures to combat oil theft and enhance production have yielded positive results.
Nigeria aims to boost oil production by an additional 1 million bpd by December 2026, reaching 2.75 million bpd, according to Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He highlighted that a government crackdown on oil theft has reduced losses by 5,000 bpd.
Oil theft and vandalism have long plagued Nigeria’s oil sector, prompting major oil firms to exit the country’s onshore operations and resulting in frequent force majeure declarations at key export terminals.
“The government is working towards increasing output by leveraging collaboration among operators, service providers, financiers, and host communities under the Project 1 MMBOPD initiative,” NUPRC stated.
Komolafe assured investors that Nigeria is now more business-friendly, emphasizing regulatory certainty, investment incentives, and global competitiveness.
Source: Oilprice.com
