Nigeria Commits to Sustaining Crude Oil Production Above OPEC Quota
In a bid to bolster its oil output, the Nigerian government has reaffirmed its dedication to maintaining crude oil production above the 1.5 million barrel per day monthly average quota set by the Organization of the Petroleum Exporting Countries (OPEC). Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, made this announcement at the recent Project One Million Barrels Initiative.
According to OPEC’s latest report, Nigeria’s average daily crude production increased to 1,507,000 barrels per day in July, surpassing the organization’s allocated quota by 7,000 barrels per day. This improvement is a testament to the country’s concerted efforts to enhance its oil output. Komolafe attributes this growth to the reactivation of dormant fields, accelerated regulatory approvals, and enhanced operational efficiencies across the upstream value chain.
The Nigerian government’s strategy to increase oil production has yielded promising results, with the current administration successfully raising output from 1.4 million barrels per day to 1.7 million barrels per day. The recent surge of approximately 300,000 barrels per day further underscores the government’s ambition to achieve a 2 million barrels per day oil output.
Komolafe emphasized the country’s commitment to meeting its production targets, stating, “With a clear target of increasing production from 1.46 million barrels per day to 2.5 million barrels per day by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7–1.83 million barrels per day.”
As Nigeria strives to maintain its position as a significant player in the global oil market, sustaining production above the OPEC quota is crucial for the country’s economic growth and development. With a focused strategy and concerted efforts, the Nigerian government aims to drive growth in the oil sector, ultimately contributing to the nation’s overall prosperity.
