₦airaland Forum

Nigeria’s oil production surged in February, exceeding its OPEC quota of 1.5 million barrels per day by 70,000 bpd, and contributing to the cartel’s increased output in February, a Reuters survey has found.

The survey, released on Wednesday, revealed that Nigeria recorded the second-largest production increase among members of the Organization of the Petroleum Exporting Countries (OPEC), contributing to the bloc’s overall rise in output.

OPEC reportedly pumped 26.74 million bpd last month, up by 170,000 bpd from January’s total, with Iran contributing the highest increase of 80,000 bpd.

The increase in Nigeria’s output is attributed to a rise in crude oil exports and an increase in domestic consumption, particularly at the 650,000 bpd Dangote refinery.

OPEC+, a group that includes OPEC, Russia, and some other oil-producing partners, is keeping production cuts in place through March because of concerns about weak demand and increasing oil supply from non-member countries.

However, on Monday, the group confirmed its decision to begin increasing production in April as planned.

The increase in Nigeria’s output despite OPEC’s production cuts shows that the largest oil producer in Africa is improving its status in the global oil market.

Nigeria has struggled with fluctuating production due to oil theft, pipeline vandalism, and operational inefficiencies in recent years, making February’s output growth a significant development.

Iran leads OPEC production increase, slight decrease in Saudi
Iran led OPEC’s production increase in February with an 80,000 bpd boost, reaching 3.30 million bpd. This came despite renewed U.S. efforts to curb Iranian oil exports by President Donald Trump, who has vowed to reinstate strict sanctions earlier imposed by his predecessor.

The survey found that oil production in Saudi Arabia, OPEC’s largest producer, slightly decreased, while Iraq’s output saw a small increase. However, both countries are still producing below their OPEC+ quotas.

Meanwhile, the United Arab Emirates produced slightly more than its target. While January data provided by OPEC’s secondary sources indicate that the UAE and Iraq are staying close to their assigned quotas, other estimates, including those from the International Energy Agency, suggest their actual production levels may be much higher.

Reuters noted that its “survey aims to track supply to the market and is based on flows data from financial group LSEG, information from other companies that track flows such as Kpler, and information provided by sources at oil companies, OPEC and consultants.”

What you should know
Nairametrics reported that Nigeria slightly exceeded its OPEC quota in January 2025, when it produced an average of 1,539,000 bpd, according to OPEC’s Monthly Oil Market Report.

The Nigerian government has maintained its commitment to boosting oil output in 2025, from 1.5 million bpd to above 2 million bpd. However, experts say this may be difficult if issues such as oil theft in the Niger Delta and low investment persist.
The government is looking to explore offshore drilling and the resumption of oil exploration in Ogoniland, among other options, to boost production.

cenaman:
All the money realised from the sales of our liquid black gold will end up in developing Lagos, we ( south south and south east) the real owner will end up with nothing.

cenaman:
All the money realised from the sales of our liquid black gold will end up in developing Lagos, we ( south south and south east) the real owner will end up with nothing.

tollyboy5:
APC bots will arrive soonest

tollyboy5:
They've drop the link on their WhatsApp group. They'll start commenting.
Those ones that are working remotely.. BMC remote job

hafeeanubasy:
It's neccessary before frustrated hate filled opposition championed ty IPOB terrorists will distort the information for public consumption.

Na madness you take cure madness!

tollyboy5:
Lol Na you first see the WhatsApp update?
Oshey Padi mi, tech bro.

hafeeanubasy:
Hey Attache to SS by force and all time victim playing Igbo boy,look here
1.Delta states ,rivers states ,bayelsa state and Akwa Ibom state earn more allocations than Lagos couple with 13% derivatives

2.Lagos generate 70% of country VAT and earn no derivative from it.

3.Lagos was met a thriving city,hence she was chosed as the country capital and has had electricity long before your miserable oil was discovered.

4.Why didn't your GEJ,OKONJO IWEALA,ANYIM PIUS ANYIM,EMEFIELE,IKE EKWEREMADU,EMEKA IHEDIOHA AND ALLYSON MADUEKE stopped Lagos development and transform your SE to DUBAI with the same oil money when they held the ace for good 5years(2010-2015).

5.you will never asked the question in number 4 because of the victim playing tendencies embedded in you people genes.

cenaman:
All the money realised from the sales of our liquid black gold will end up in developing Lagos, we ( south south and south east) the real owner will end up with nothing.

Dapagun:
https://nairametrics.com/2025/03/06/opec-oil-output-rises-in-february-as-nigeria-exceeds-quota-by-70000-bpd/

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate[

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

cenaman:
All the money realised from the sales of our liquid black gold will end up in developing Lagos, we ( south south and south east) the real owner will end up with nothing.

EXOUSIAng:
When you have a working president.
Things begin to work out

anonimi:
The eyesore on Bourdillon Road
2nd January 2025

Beyond his neighbours, there is something about the sight of people hanging around a president’s residence that does not speak well of his leadership capabilities. Maybe no one has nudged him to see it, but the impression that spectacle on Bourdillon Road generates is that Tinubu enjoys the sight of suffering humans and thrives in—and through— their poverty.

If all these years, impoverished people hang around you and you remain comfortable enough to keep them just so they can be handed tokens of your large heart, then it means you have a pro-poverty mindset. Such a frame of mind is oriented toward cultivating poverty rather than stimulating abundance. That is why he could unproblematically relate the story of his “friend” who went from using five Rolls Royce to a far-less valued car and not consider the import of the nonsense he was saying. That spurious account was an indication that this is a man for whom poverty—of others, not himself—is an ideal.

https://punchng.com/the-eyesore-on-bourdillon-road/

oilyngbati:
Ipob terrorists will not like this news.

God bless president Bola Ahmed Tinubu

Devil punish ipob/esn terrorists and all their supporters, online and offline.

Glimpsetv:
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.

Watch the video, share your thoughts in the comments.


https://www.youtube.com/watch?v=zYltMapDyIo?si=0-hO0Vt5C9uBxVd1

Ojuntana:
A country that used to produce 2mbpd before the locust called APC happened

Their dirty, stupid supporters will come here to hail this is an "unprecedented achievement"

kabillion:
IPOB, should I remind you that Nigeria produced her highest BPD under APC. In 2019, production increased to approximately 2.8 million bpd.

EXOUSIAng:
When you have a working president.
Things begin to work out

Heavensake1:
Why do you guys think your region own South South region? Are you not proud of resources in southeast?