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Tag: OPEC

  • Nigeria exceeds OPEC quota by four percent in June

    Nigeria exceeds OPEC quota by four percent in June

    With a record of 104%, Nigeria exceeded the Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota in June 2025 by .four percent. 

    In the month under review, the country’s crude oil output was 1.505million barrels of oil per day, surpassing the 1.5mopd, the cartel allowed it to produce.

    The Nigerian Upstream Petroleum Regulatory Commission made this known  in its document titled: “Crude Oil and Condensate Production June 2025.”

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    The report said: “The average crude oil production was 100.4% of OPEC quota (1.5mbpd).”

    In its remarks on June production, NUPRC disclosed that the lowest and peak combined crude oil and condensate production in June were 1.61mbopd and 1.8mbopd respectively.

    It further stated that daily average production in June was 1.697mbopd, comprising of both crude oil of 1.505mbopd and condensate of 191,572 bopd.

    In May 2025, Nigeria produced 1.485mbopd, and its output in April was 1.452mbopd.

    In March, the country’s output was 1.400mbopd, and 1.465mbopd in February and 1.538mbopd in January.

    Although the NUPRC did not attribute the marginal rise in June output to any reason, The Nation learnt it was due to the relative peace in the Nigerian Delta and the fight against oil theft that has culminated in the reopening of some shut-in wells. 

  • Nigeria mulls 25% boost in OPEC quota by 2027

    Nigeria mulls 25% boost in OPEC quota by 2027

    Nigeria is set to push for a 25 per cent increase in her oil production quota by 2027. The push for the new quota by the Nigerian National Petroleum Company Limited (NNPC) cited growth in refinery capacity and improved production.

    According to Argus Media, a London-based independent provider of market intelligence and price benchmarks for global commodity and energy markets, NNPC limited, led by Group Chief Executive Officer, Bashir Ojulari, aims to raise its crude oil production quota from the current 1.5 million barrels per day (bpd) to two million bpd.

    Ojulari stated that Nigeria’s current production is slightly below the quota at around 1.4 million bpd, with condensate production adding another 250,000 bpd, bringing the total output to approximately 1.65 million bpd.

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    The NNPC is targeting a capacity of 2.4 million bpd and production of two million bpd by 2027, with 1.7 million bpd being crude and 300,000 bpd being condensate.

    The push for a higher quota comes as the OPEC+ group embarks on a new campaign to update and refresh each member country’s maximum sustainable production capacity. Nigeria has previously struggled to meet its existing targets due to infrastructure and operational issues, but with these issues largely resolved, the country is looking to make a renewed attempt to argue its case for a higher quota. According to Ojulari, the recent commissioning of the 650,000 bpd Dangote refinery and the addition of 500,000 bpd of modular refining capacity at different stages of progress will significantly increase Nigeria’s refining capacity. “We believe that with the increased demand being created in-country, we are now in a better position to also seek from OPEC to increase our production quota,” Ojulari said, as quoted by Argus Media.

    The NNPC is hopeful that its request for a 25 per cent increase in production quota will be granted, with Ojulari stating that the outcome will depend on the success of their discussions with OPEC.

  • OPEC: stopping investment may cause 23mb/d deficit

    OPEC: stopping investment may cause 23mb/d deficit

    The Organisation of Petroleum Exporting Countries (OPEC) yesterday warned that stopping investment in global upstream of the industry may culminate in 23 million barrels per day (mb/d) loss by 2030.

    It also said to match the global growing energy need, there must be a significant investment boost.

    The organisation noted that global cumulative oil-related investments of $17.4 trillion are required to 2050.

    Its Secretary-General Haitham Al Ghais made this known virtually at the ongoing 24th NOG Energy Week Conference and Exhibition in Abuja.

    He said: “To meet the world’s growing need for energy, investment levels in all energies must increase significantly.

    “For example, global cumulative oil-related investments of $17.4 trillion are required to 2050. Driving home the importance of securing this investment, OPEC research estimates a huge oil market deficit of 23 million barrels per day by 2030 if investment in the global upstream industry stopped today.”

    He commended the choice of this year’s conference theme, ‘Accelerating Global Energy Progress Through Investment, Partnerships & Innovation.’

    He said  with this theme in mind,  remarks were structured around these four essential areas.

    Read Also: OPEC+ output hikes push oil prices 6% lower

    The OPEC scribe noted that accelerating global energy progress is arguably more important than ever, especially in the developing world.

    According to him, OPEC’s World Oil Outlook sees global primary energy demand growing by 23per cent between now and 2050.

     This, he said, will be driven by many factors, but in the interest of brevity, he considered demographics, urbanization and economic growth.  

    Al Ghais said the global population is expected to rise from around 8.2 billion people in 2024 to almost 9.7 by 2050. He stressed that the growth will be concentrated almost entirely in the non-OECD region.

    The Secretary-General said moreover, almost 1.9 billion people are expected to move to cities by 2050.

    He said this is equivalent to adding around 111 cities the size of Lagos or 452 cities the size of Abuja to the global urban landscape.

    Al Ghais explained that while this will challenge energy infrastructure, it also represents an important opportunity to mitigate energy poverty for the estimated 675 million people who remain without access to basic forms of energy, and the 2.3 billion who still lack clean cooking fuels.

    Accelerating global energy progress, according to him, will also be critical in underpinning global economic growth. He said the global economy will almost be doubling in size by 2050, largely driven by non-OECD economies.

    He said these three trends alone demonstrate that accelerating global energy progress will clearly require all energies, especially hydrocarbons.

    Continuing, the Secretary-General said: “OPEC’s World Oil Outlook expects oil to retain the largest share of the energy mix in 2050, at almost 30per cent, while oil and gas combined are expected to remain above 50per cent between 2024 and 2050.

    “Given these trends, there has thankfully been a marked shift in global energy discussions over the past year or so. Policymakers and media are once again increasingly recognizing the need to deliver energy security and affordability alongside emissions reductions.

    “Crucially, developing countries – many of which still face energy poverty and limited access to finance – must be allowed to utilize their natural resources to benefit their economies and people.

    “This brings me to the second element of the 24th NGO theme I would like to highlight – the critical importance of investment.”

  • Nigeria produces 97% of OPEC quota

    Nigeria produces 97% of OPEC quota

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country produced 97% of the 1.5million barrels of oil per day (mbopd) quota the Organisation of Petroleum Exporting Countries (OPEC) allocated to it in May 2025.

    It was a 2% decline from the 99% output recorded in April.

    According to its “Crude Oil and Condensate Production May 2025,” in the period under review, Nigeria’s crude oil and condensate outputs were 1.45mbopd and 204,493bopd respectively.

    The total crude oil and condensate output in May was 1.81mbopd.

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    In its remarks on May Production, NUPRC said: “Lowest and Peak combined crude oil and condensate production in May were 1.61mbopd and 1.81mbopd respectively.
    “The daily average production in May was 1.65mbopd, comprising both crude oil (1.45mbopd and Condensate 204,493bopd).
    “The average crude oil production was 97% of OPEC quota of (1.5mbopd).”

    The document showed a decline from the 1.48mbopd and 141,546 bopd respectively produced in the preceding month (April).
    In April, the total crude oil and condensate output was 1.68 production, representing 99% of the OPEC quota.

    In March, the country recorded 1.40mbopd.

    The reason for the 2% decline in production could not be immediately ascertained as The Nation could not reach NUPRC to account for it.

  • Fed Govt urges firms to meet OPEC quota

    Fed Govt urges firms to meet OPEC quota

    The Minister of State for Petroleum Resources, Gas Chief Ekperenkpo Ekpo yesterday urged oil and gas stakeholders to collaborate to meet the quota approved by the Organisation of Petroleum Exporting Countries (OPEC).

    Ekpo, who was represented by the Permanent Secretary, Mr Emeka Obi made the call while speaking at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa.

    ‘The theme is: “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development’’

    He noted that the oil output of 1.4 million barrels per day as of first quarter of 2025 falls short of the 1.8 million barrels quota approved by OPEC.

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    The minister said that with the nation’s oil reserve and a commitment by industry players, there is an opportunity to meet the quota.

    He commended the Nigeria Content Development and Monitoring Board (NCDMB) for the fair showcasing opportunities for Nigerian companies.

    He said that the growth of Nigerian content from five percent in 2010 to 56 per cent in 2024 was a laudable achievement.

    About 1,000 companies are participating in the fair where major oil producers showcase opportunities and projects.

  • Nigeria’s crude oil production rises to hit 99% of OPEC quota

    Nigeria’s crude oil production rises to hit 99% of OPEC quota

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday said the country’s crude oil production hit 99 per cent of the Organization of Petroleum Exporting Countries (OPEC) to hit 1.48million barrels per day (mbpd) from the 1.40million barrels per day (mbpd) recorded in March 2025.

    This was contained in its document titled “Crude Oil and Condensate Production April 2025.”

    The document said, “The average crude oil production was 99% of the OPEC quota (1.5mbopd).”

    NUPRC also noted that in the period under review, the lowest and peak crude oil and condensate production was 1.60mbpd and 1.73 mbopd respectively.

    It added that the daily average production in April was 1.68 mbopd 

     comprising both crude oil (1.48mbpd and Condensate 197,607bopd).

    Recall that in March, Nigeria crude oil production declined 93% of OPEC quota from the 98% it recorded in February.

    The commission said in March, “The average crude oil production was 93% of OPEC (1.5million barrels per day mbpd) quota.”

    Read Also: OPEC+ output hikes push oil prices 6% lower

    The document said Lowest and Peak combined crude oil and condensate production in March were 1.46million bopd and 1.76 bopd respectively.

    NUPRC also noted that the daily average production in March was 1,400,783 barrels per day of crude oil and condensate (202993 bopd).

    The report did not state the cause of the decline in output but it may not be unconnected with the disruption of production in Rivers State in the month under review.

    Recalled that the output had declined by 5 per cent in February 2025 to an average of 1.67million barrels per day (bopd) from an average of 1.73 million bopd in January 2025 due to the maintenance of the Transmission Nigeria pipeline to Bonny terminal.

    An unauthorized source at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) who spoke with The Nation had said, “The decline was majorly due to pipeline maintenance (at one of the segments of Trans Niger pipeline going to Bonny Terminal) and fire outbreak at one of the production evacuation points of NNPC Ltd.

    NUPRC has earlier released its monthly production data for February.

  • OPEC+ output hikes push oil prices 6% lower

    OPEC+ output hikes push oil prices 6% lower

    Eight key OPEC+ producers yesterday agreed to raise combined crude oil output by 411,000 barrels per day (bpd), speeding up the pace of their scheduled hikes and pushing down oil prices.

    The Ice Brent contract with June delivery was trading at $70.50 per barrel, down 5.94per cent from the Wednesday close. The front-month May Nymex WTI contract was at $67.11 per barrel, 6.41per cent lower.

    Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually to review global market conditions and decided to raise collective output by 411,000 barrels per day, starting in May. The group was widely expected to implement an increase of just under 140,000 barrels per day next month.The May hike agreed is “equivalent to three monthly increments,” OPEC said in a statement, adding that “the gradual increases may be paused or reversed subject to evolving market conditions.”

    The eight OPEC+ producers this month started gradually unwinding 2.2 million barrels per day of voluntary cuts undertaken independently from the production strategy of the broader 22-member OPEC+ alliance, which has roughly 3.66 million barrels per day of separate cuts in place until the end of 2026.

    Read Also: ‘OPEC’s output falls in January

    The Thursday meeting was the first one attended by Erlan Akkenzhenov, the new energy minister of Kazakhstan, which has struggled with producing above its assigned quota.

    Without referencing individual countries, OPEC said in a statement that the May output hike will “provide an opportunity for the participating countries to accelerate their compensation” by way of additional production cuts in line with overproduction.

    The Thursday decision was taken against the backdrop of broader market tumult triggered by sweeping tariffs on key trade partners unveiled on Wednesday by the administration of U.S. President Donald Trump, who has been simultaneously championing higher U.S. oil output.

  • At last, Nigeria meets, surpasses OPEC quota

    At last, Nigeria meets, surpasses OPEC quota

    • By Atoyebi Bamidele

    Oil and gas industry globally is deep and surreal, full of intrigues and dangerous bends so much that even the most courageous turns blind eye to happenings in that sector to have peace of mind. However, as has been severally canvassed, individual capacity and sagacity still determine how successful a man can be in and out of office.

    This truism has manifested under the President Bola Ahmed Tinubu administration where what appeared as an impossibility even among those with military will has been achieved without a whimper. To doubting Thomases, a simple question is apt here; when last did Nigeria meet its Organisation of Petroleum Exporting countries (OPEC) quota? Why have we not been meeting the quota even when our revenue which has been dwindling depends on it?

    An attempt at answering those questions will lead to a glaring answer… a thieving cartel has been cornering the commonwealth of the country and living large while the nation reeled in debt and lack of development. It is common knowledge as some investors in the oil and gas sector have severally lamented, that the cabals in the sector had a worse strangle hold on it than meets the eyes. Coming from such people who are big players in the industry is a testament that there is no frivolity in their assertions.

    In the last days of President Muhammadu Buhari, some marginal oil field owners had lamented that between their fields and the export points, they lose more than 80 per cent of their volumes and for a capital intensive business like oil exploration, operators were going into bad debts because what was left of their supplies at export terminals could hardly cover the cost of using existing facilities to export their products.

    Then came President Tinubu who one of his disciples, Raji Fashola (SAN) last week explained that one of the factors going for the President was that of his natural mien which lulls people into underrating him and before you know it, he would have gone far as an advantage; so has he also dealt with the cabal which result we have now exported to the world.

    With a population of over 200 million and an output of  1.5 million barrels at 87 dollars per barrel would still leave most of the population with less than living income and therefore with lower standard of living than has been credited to the country. However, with the volume of fossil deposits and the global campaign for cleaner energy which is de-emphasising on petroleum products which allegedly impact negatively on global warming, it therefore becomes imperative and behooves of Nigeria to expedite action and exploit the deposits before it becomes overtaken by global campaigns and the new world order that would leave them unutilised.

    It could be recalled that it was consistent inability of the country to meet its OPEC given quota that led to the reduction of the quota from 1.8 million barrels a day to the present 1.5 million which for several years were not met. This was with its attendant loss of revenue largely due to sabotage of trunk lines, illegal oil bunkering and outright stealing of crude oil as well as community-based disputes that lead to several force majore and stoppage of either production or lifting of extracted products.

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    One unfortunate revelation was the involvement of those vested with the duty to secure and stop crude stealing in the theft with accusing fingers being pointed at highly placed and influential people whose mention might shake the peace of the nation. That led to the scheme to stop it becoming a game of the cobweb which catches smaller insects and lets the big ones pass. However, last December, the tide had changed and government informed the people that it had hit target but was not believed by many.

    A glance at how it was achieved shows the determination and consistency of the President Tinubu regime in focusing efforts at solving the issue which had attained international dimension with vessels switching off their gadgets that will enable locating them, then sneak into the Niger Delta and load the country’s crude oil so that it was said that the illegal bunkering of crude oil had become larger than the Nigerian economy.

    Pipes were attached to trunk lines to siphon crude and in some instances, cover kilometers to the sea where platforms were built or either abandoned ones used to steal crude oil. The sophistication showed that it is only the super-rich and influential that can dabble into the illegal trade, a reason it has been hard to check. So tackling it had to come with an uncommon will and undiluted drive for transparency. Those are what President Tinubu calmly as is wont of him, tackled and solved.

    There are several imports apart from increased revenue to drive programmes and development. The revenue of the country and foreign reserve has swelled enabling the battered economy to begin to regain strength needed for the servicing of debt and building of needed infrastructure. It also stopped Nigeria from being the butt of jokes in committee of nations where the issue had made the country look incapable of protecting its resources.

    Disputes in the communities which led to stoppage of operations were solved, illegal siphoning by pipeline and vessels have been blocked while those who kept tardy records on loading and export were checked and before you know it, sanity returned to the sector and we are here heading for 2 million barrel target which is to break records in oil production for the country. Increased output in a nearly mono cultural economy means more revenue and accountability which can only come from integrity of leadership.

    After the reduction of the quota in 2023 to 1.5 million barrels a day, the country was still unable to meet that. However, in November 2024, the country had ramped up its game and fell short of the target when it announced a 1.485 barrel per day output; which was like 99 per cent of the given output excluding condensates. By January this year it had slid back to 1.42 barrels a day, further dropping in subsequent months.

    However, with grim determination and unyielding pressure, by December of last year, it had added 40,000 barrels a day to the output, recording 1.51 million barrels a day, thereby breaking the jinx and the output has since maintained the upward swing, a pointer that the hope of Nigeria using its God given resources to attend to its numerous problems have been renewed.

    That means more money for the states, local governments and the grassroots with the larger picture being that in education, health, infrastructure and other programmes, more funding will follow, all thanks to President Ahmed Bola Tinubu.

  • ‘Nigeria exceeded OPEC quota by 3 per cent in January’

    ‘Nigeria exceeded OPEC quota by 3 per cent in January’

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said the country exceeded its Organization of Petroleum Exporting Countries (OPEC) quota by 3 per cent in January 2025.

    The quota allocated to Nigeria in the period under review was 1.5million barrels of crude oil per day but the country hit 1,538,679 bpd of crude oil.

    Nigeria, according to NUPRC, produced 198,783 bpd, totally an average of 1,737,480 bpd.

    This was contained in NUPRC document titled: “Crude Oil and Condensate Production January 2025.”

    The document said, “Lowest and Peak production in January were 1.66millionnbopd and 1.79million bopd respectively.

    “The daily average production in January was 1,737,680 barrels per day, comprising of both crude oil (1,538,697 bopd) and condensate (198,738 bopd).

    “The average crude oil production was 103per cent of OPEC quota (1.5mbpd).”

    Recall that in December 2024, Nigeria met the crude oil production quota of the OPEC by 98.97 per.

    The cartel’s average daily quota for the month was 1.5million barrels per (mb/d) of crude oil.

    However, the country’s output was 1.48mb/d of crude oil, 49,276bpd of blended condensed, and 133,699 unblended condensate, totally 1.66mb/d.

    The NUPRC Nigerian broke the news in its “Oil Production Status Report” for December 2024.

    “The average crude oil production was 98.97 per cent of OPEC quota (1.5mbpd),” said NUPRC.

    Read Also: OPEC vows to monitor output quota compliance

    According to the document, the lowest and peak production in December were 1.57mb/d and 1.79mb/d respectively.

    The report, however, recalled that the country’s output was 1.69mb/d in November 2024.

    This was an indication of an average of 22,925 b/d declined in December.

    The battle against crude Oil theft has undermined the country’ crude oil production for several years, causing average of 700,000 of loss to oil theft.

    Only on Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) narrated its ordeal from its battle against oil theft.

    It said it uncovered 9,332 illegal refineries, destroyed 7,015 connections, and arrested   2, 849 suspects and confiscated 1,467 trucks laden with stolen crude.

    The NNPC’s Command and Control Center, Upstream Investment Management Services (NUIMS), Deputy Manager, Murtala Mohammed broke the news in his presentation titled “An Insight into NNPC’s War Against Crude Oil Theft.”

    On illegal refineries, he said, ‘Illegal refineries we have discovered and destroyed. We have discovered 9,322 illegal refineries.”

    He spoke in Abuja at the NNPCL workshop/engagement session with selected Kannywood Artistes.

    He the company has uncovered 12 new illegal pipeline connections in one week.

    He said Nigeria losses 700,000 barrels of crude oil to international black market sale in India and China daily.

    The oil theft, according to him, has significantly impacted Nigeria’s oil production capacity, currently standing at 1.7 billion barrels per day.

    Mohammed said most of the stolen crude is refined locally, while some is transported out of the country.

    He added that 1,467 trucks loaded with stolen crude oil have been recovered.

    The company also said it has repaired 3,100 vandalized pipelines.

    Giving further details Mohammed noted that there are 9,332 illegal refineries operating in the country as of February 10, 2025 while the 7,015 illegal connections as at the aforementioned date.

  • ‘OPEC’s output falls in January

    ‘OPEC’s output falls in January

    Organisation of Petroleum Exporting Countries (OPEC’s) oil output fell in January for a second month, a Reuters survey found, as a drop in exports from Nigeria and Iran offset a rebound from the United Arab Emirates where field maintenance had curbed output in December.

    OPEC pumped 26.53 million barrels per day last month, down 50,000 bpd from December’s revised total, the survey showed yesterday, with Nigeria and Iran posting the largest drops. The modest decline in output came as the wider OPEC+ group is keeping production cuts in place until the end of March due to global demand concerns and rising output outside the group. OPEC+ on Monday decided to stick with its plan to start raising output in April.

    Nigerian production slipped by 60,000 bpd, the survey found, reflecting lower exports, although domestic usage is increasing as the Dangote refinery ramps up.

    Iran’s output, which hit the highest since 2018 last year despite U.S. sanctions, also fell by 60,000 bpd, the survey found. It may soon be curbed by tighter sanctions from the administration of U.S. President Donald Trump, Goldman Sachs and other analysts have forecast.

    Read Also: OPEC: crude oil demand growth to hit 1.4 mb/d in 2025, 2026

    Output in OPEC’s top two producers, Saudi Arabia and Iraq, edged lower, the survey found. OPEC’s biggest rise of 90,000 bpd, came from the UAE, the survey found. A source said partial field maintenance continued in January, having started in December.

    While the survey indicates the UAE and Iraq are pumping below their targets and December data provided by OPEC’s secondary sources puts them not far above, other estimates such as those of the International Energy Agency suggest they are pumping significantly more.

    Libya’s output rose by 40,000 bpd, continuing a recovery after the resolution of a dispute over control of the central bank that had led to production cuts. The country is exempt from OPEC+ agreements to limit output.

    The Reuters 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.