OPEC Excludes Nigeria in Latest Oil Output Quota Adjustment
OPEC has once again adjusted crude oil output quotas, increasing production by a combined 206,000 barrels per day for eight member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. This adjustment is part of a gradual unwinding of a 1.65 million barrels per day voluntary production cut announced in April 2023.
The increase will take effect in May 2026 and is contingent on market conditions. Notably, Nigeria, Africa's largest oil producer, has been excluded from this latest output adjustment due to its inability to consistently meet existing production quotas.
As of January 2024, Nigeria's OPEC quota is set at 1.5 million barrels per day, but it has repeatedly produced below this target, with recent outputs recorded at approximately 1.42 million barrels per day. The country has occasionally met or slightly exceeded its quota in isolated months, but overall compliance remains a concern.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria's Crude Oil Output Falls Below OPEC Quota Again
Nigeria Pressured to Boost Oil Output After UAE OPEC Exit
Nigeria's Oil Production Hits 1.38mbpd in March 2026
Nigeria Reaffirms OPEC Commitment Amid UAE Exit Concerns
OPEC+ Increases Oil Production Quotas Amid Tensions
OPEC Increases Oil Output by 188,000 Bpd for June 2023
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
