OPEC Confirmed Nigeria’s February Crude Oil Output

SEATTLE (Oil Monster): The Organisation of Petroleum Exporting Countries (OPEC), in its monthly report, confirmed Nigeria’s production of 1.3 million barrels per day of crude oil in February 2023. The Monthly Oil Market Report (MOMR) by OPEC validated the production details declared by Nigeria earlier this month.

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However, the OPEC report highlighted the underperformance by the country to the tune of around 500,000 bpd, when matched with the OPEC quota of 1.8 million bpd. Furthermore, the report forecasts world oil demand during the current year to rise by 2.32 million bpd, in line with the previous month’s forecast. The robust Chinese demand could lend support to the oil market in 2023, it added.

The oil production by OPEC rose in February this year, despite output cuts by the wide OPEC+ group. The OPEC crude oil output surged higher by 117,000 bpd to 28.92 million bpd, aided by further recovery in Nigerian oil output. The report cited notable improvement in output from Nigeria, Saudi Arabia and Congo. On the contrary, Angola and Iraq underperformed during the month.

Nigeria cemented its position as the topmost oil producer in the African region, outperforming Algeria and Angola.