Nigeria is producing 70,000 barrels per day (bpd) above its OPEC+ target that is according to a Reuters survey, the survey revealed that OPEC’s oil output increased in February, driven by strong Iranian exports despite renewed U.S. efforts to curb them, as well as Nigeria’s production boost above its target within the wider OPEC+ group.
Organization of the Petroleum Exporting Countries (OPEC) pumped 26.74 million bpd last month, up by 170,000 bpd from January’s revised total. Iran and Nigeria were the primary contributors to the increase, with Iran posting the largest gain.
OPEC+—which includes Russia and other allies—has maintained production cuts through March due to anticipated limited demand and growing output outside the group. However, the alliance has decided to begin gradually raising production in April.
Iran’s output saw the biggest rise, increasing by 80,000 bpd to reach 3.30 million bpd, matching its highest level since 2018, according to the survey. Despite U.S. sanctions, Iranian oil exports have recovered during former President Joe Biden’s term, although the U.S. under President Donald Trump has renewed efforts to cut exports to zero.
The second-largest increase in output came from Nigeria, where production rose due to higher exports and increased domestic usage at the Dangote refinery. Nigeria’s output is now 70,000 bpd above its OPEC+ target.
In the two largest OPEC producers, Saudi Arabia’s output dipped slightly, while Iraq’s rose modestly, although both countries are producing below their OPEC+ targets. The United Arab Emirates (UAE) also slightly exceeded its target. While the survey and January data from OPEC’s secondary sources show that the UAE and Iraq are close to their quotas, estimates from the International Energy Agency suggest that both countries are producing significantly more than their targets.
Overall, the survey found no significant declines in output during February.
