Nigeria’s rising crude oil production has reduced the declining output by the other member countries of the Organisation of Petroleum Exporting Countries (OPEC), a survey has shown.
Crude oil demand is set to rise to 110 million barrels daily by 2045, which would be a 23% increase from current levels.
Their hand weakened by slumping crude output, Africa’s OPEC members were strong-armed into accepting lower quotas when the bloc and its allies last convened in Vienna, but say they are prepared to fight for their market share within the Saudi-dominated group.
According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria has reclaimed its status as the continent’s top producer of crude oil for the month of May 2023.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its focus is to exceed the Organisation of Petroleum Exporting Countries (OPEC)’s oil production quota of 1.74 million barrels per day (bpd).
Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance
With improved security in the Niger Delta region, the federal government hopes to ramp up crude oil production to about 1.74 million barrels per day in months ahead.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, on Sunday, agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 percent.
With the next OPEC+ meeting taking place this Sunday and the U.S. debt ceiling saga set to draw a conclusion around the same time, oil markets are sure to be on edge all week.
The last week or so has seen a flurry of major cooperation agreements – including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia, and China.