Nigeria Seeks Higher OPEC Quota to Boost Oil Production

Nigeria is set to demand a higher oil production quota at the upcoming Organisation of Petroleum Exporting Countries (OPEC) meeting in November. Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, stated that the country’s current quota of 1.5 million barrels per day no longer reflects its true production capacity.

Lokpobiri explained that Nigeria’s oil production has improved significantly, with the country currently producing around 1.7 million barrels daily, including condensates. He believes that the upcoming OPEC meeting provides an opportunity for Nigeria to make a strong case for an upward review to at least two million barrels per day.

Nigeria’s oil production has rebounded, with the country demonstrating its capacity to produce above two million barrels per day.
Investments in infrastructure have improved pipeline integrity, reducing theft and increasing efficiency.
Fresh investments in the upstream sector have positioned Nigeria to make a strong case for a higher OPEC quota.
Nigeria’s production includes condensates, a lighter, higher-value form of crude not covered by OPEC’s production limits, giving the country flexibility without violating its quota.

A higher OPEC quota would enable Nigeria to increase its oil production, boosting revenue and contributing to economic growth. The country’s oil minister is confident that Nigeria’s improved output levels, strengthened infrastructure, and renewed investments will support its case for a higher quota .