A survey by Reuters has revealed that Nigeria is pumping 70,000 barrels per day above the quote allocated by the Organization of the Petroleum Exporting Countries (OPEC).
According to the survey, OPEC oil output rose in February, as Iranian exports held strong, despite renewed attempts by the United States of America to curb the flows.
The OPEC nations pumped 26.74 million barrels per day last month, up 170,000 bpd from January’s revised total, the survey showed on Wednesday, with Iran and Nigeria posting the largest gains.
OPEC+, which includes OPEC plus Russia and other allies, is keeping production cuts in place through March due to expectations of limited demand and rising output outside the group, but decided on Monday to stick with its plan to start raising output in April.
OPEC’s biggest rise, of 80,000 bpd, came from Iran, the survey found, with output of 3.30 million bpd. This matched September’s figure which was the highest since 2018, the Reuters survey showed.
Iranian oil exports recovered during former U.S. President Joe Biden’s term, despite U.S. sanctions. Under his successor Donald Trump the U.S. is renewing efforts to cut them to zero.
The second-largest gain in output came from Nigeria where exports rose and domestic usage increased at the Dangote refinery. Nigeria is pumping 70,000 bpd above its OPEC+ target.
Output in OPEC’s two biggest producers, Saudi Arabia and Iraq, edged lower and higher respectively, the survey found. Both nations are pumping less than their OPEC+ targets. Output in the United Arab Emirates was slightly above its target.
While the survey and January data provided by OPEC’s secondary sources show the UAE and Iraq are pumping close to the quotas, other estimates, such as those of the International Energy Agency, suggest they are pumping significantly more.
The survey found there were no significant declines in output last month.
SOURCE : VANGUARD
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