A Reuters survey indicates that Nigeria is producing 70,000 barrels per day above its OPEC quota. The survey also noted that OPEC’s overall oil output increased in February, reaching 26.74 million barrels per day, a rise of 170,000 bpd from January, with Nigeria and Iran contributing the most to this growth. Despite ongoing U.S. attempts to limit Iranian exports, they remain strong. OPEC+, which includes Russia and other allies, will maintain production cuts through March due to expected low demand and rising production outside the group, but plans to begin increasing output in April.
According to a Reuters survey, Iran experienced the largest increase in OPEC production, raising output by 80,000 barrels per day to 3.30 million bpd, matching its highest level since 2018. This rise comes despite U.S. sanctions and renewed efforts to eliminate Iranian oil exports under President Donald Trump.
Nigeria saw the second-largest gain, producing 70,000 bpd above its OPEC+ target due to rising exports and increased domestic consumption at the Dangote refinery. In contrast, output from Saudi Arabia and Iraq fluctuated, with Saudi Arabia producing less than its quota while Iraq pumped slightly more. The United Arab Emirates was noted to be just above its target. Despite some discrepancies in output estimates, the survey found no significant declines in production last month.