Nigeria to Seek OPEC Approval for Higher Daily Oil Quota

SEATTLE (Oil Monster): Nigeria plans to request the Organisation of the Petroleum Exporting Countries (OPEC) to approve an increase in its oil production quota to 2 million barrels per day (bpd) at the group’s upcoming meeting in November, according to Senator Heineken Lokpobiri, Minister of State for Petroleum (Oil). The country currently holds a quota of 1.5 million bpd.

Lokpobiri stated that the existing OPEC production limit no longer reflects Nigeria’s true output capacity. He emphasized that oil production is poised for substantial growth, supported by the deployment of new rigs and fresh investments across the sector.

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Over the past few years, Nigeria has struggled to meet its OPEC quota due to challenges such as crude oil theft and pipeline vandalism. However, recent government measures to curb these illegal activities have started to yield positive results, with production gradually improving.

Despite the progress, the Nigerian National Petroleum Company (NNPC) Limited reported that the country’s total oil production—including crude and condensate—declined by 2.42% in September, falling to 1.61 million bpd from 1.65 million bpd in August.