Nigeria has surpassed its crude oil production quota set by the Organization of the Petroleum Exporting Countries (OPEC), recording its highest output in more than six years. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country produced an average of 1.56 million barrels of crude oil per day (mbpd) and 0.18 million barrels…
The United Arab Emirates (UAE) has clarified that its decision to exit the OPEC framework is not targeted at any country or group. Officials stated that the move is based on the nation’s long-term economic strategy and energy priorities, rather than political considerations. The UAE emphasised its continued commitment to stability in global energy markets…
Nigeria’s oil sector lost an estimated N1.76 trillion in potential revenue due to its failure to meet the production quota set by the Organisation of the Petroleum Exporting Countries (OPEC) from January 2025 to January 2026. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that the country’s crude oil production fell below the…
Nigeria’s average crude oil production rose slightly to 1.401 million barrels per day (bpd) in October 2025, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report released on Wednesday. The figure represents a marginal increase from 1.39 million bpd recorded in September, but remains below the country’s OPEC production quota of…
Nigeria’s average daily crude oil production in June 2025 surpassed the quota set by the Organisation of the Petroleum Exporting Countries (OPEC), marking the second time this year the country has exceeded its assigned limit of 1.5 million barrels per day, first in January and now in June. Data from the Nigerian Upstream Petroleum Regulatory…
The Organization of Petroleum Exporting Countries reports that in May 2024, Nigeria’s crude oil production fell to a historic low of 1.25 million barrels per day. According to Channels Television’s coverage of the OPEC monthly oil market report for June, the nation’s average daily output in May was 1.25 million barrels per day (bpd), a…
