Nigeria Boosts Oil Production Above Its OPEC+ Quota

Higher exports and increased demand from the huge new African refinery, Dangote, pushed Nigeria’s oil production in February 70,000 barrels per day (bpd) above its OPEC+ quota of 1.5 million bpd, a Reuters survey showed. Last month, Nigerian production exceeded its quota in the OPEC+ agreement by the most among all participants. The rise in Nigerian oil production and an increase in Iran’s output despite U.S. attempts to curb Iranian flows pushed up the total OPEC production in February, according to the Reuters survey. Nigeria’s…