Judul : Nigeria meets OPEC's production quota for second time in 2025
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Nigeria meets OPEC's production quota for second time in 2025
Nigeria recorded a 1,505,474 barrel per day of crude oil for June 2025, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has shown.
According to the National Liquid Hydrocarbon Production Report, this will be the second time the country meets its 1.5 million bpd quota given by the Organization of the Petroleum Exporting Countries (OPEC).
Recall that Nigeria's crude oil production in January was 1,538,697 bpd, this figure however, dropped to 1,465,006 in February.
It further declined to 1,400,783 bpd in March but rose slightly to 1,485,700 bpd in April and 1,452,941 bpd in May.
Nigeria mulls 25% boost in OPEC quota by 2027
Meanwhile, Nigeria is set to push for a 25 per cent increase in her oil production quota by 2027. The push for the new quota by the Nigerian National Petroleum Company Limited (NNPC) cited growth in refinery capacity and improved production.
According to Argus Media, a London-based independent provider of market intelligence and price benchmarks for global commodity and energy markets, NNPC limited, led by Group Chief Executive Officer, Bashir Ojulari, aims to raise its crude oil production quota from the current 1.5 million barrels per day (bpd) to two million bpd.
Ojulari stated that Nigeria's current production is slightly below the quota at around 1.4 million bpd, with condensate production adding another 250,000 bpd, bringing the total output to approximately 1.65 million bpd.
The NNPC is targeting a capacity of 2.4 million bpd and production of two million bpd by 2027, with 1.7 million bpd being crude and 300,000 bpd being condensate.
The push for a higher quota comes as the OPEC+ group embarks on a new campaign to update and refresh each member country's maximum sustainable production capacity. Nigeria has previously struggled to meet its existing targets due to infrastructure and operational issues, but with these issues largely resolved, the country is looking to make a renewed attempt to argue its case for a higher quota. According to Ojulari, the recent commissioning of the 650,000 bpd Dangote refinery and the addition of 500,000 bpd of modular refining capacity at different stages of progress will significantly increase Nigeria's refining capacity. 'We believe that with the increased demand being created in-country, we are now in a better position to also seek from OPEC to increase our production quota,' Ojulari said, as quoted by Argus Media.
The NNPC is hopeful that its request for a 25 per cent increase in production quota will be granted, with Ojulari stating that the outcome will depend on the success of their discussions with OPEC.
…Oil prices fall over Trump's threat on Russia
Meanwhile, Oil prices fell on Tuesday following persistent geopolitical risks and market fundamentals, with Brent crude trading at $68.94 per barrel.
Brent had climbed to $70.53 on Monday before settling at $69.21 at the close. Brent crude was down 0.7% from the previous close, trading at $68.71 a barrel. At the same time, West Texas Intermediate (WTI) crude was priced at $66.39 per barrel.
Market players focus on comments from US President Donald Trump, who recently warned that the US would impose 100% secondary tariffs on Russia if a peace deal to end the war in Ukraine is not reached within 50 days.
Meanwhile, Israeli media reported that Prime Minister Benjamin Netanyahu convinced Trump to grant an additional week for a potential ceasefire deal with Hamas. Analysts say oil markets have shown resilience since the start of the year, despite Trump's trade rhetoric and increased output by OPEC+ countries.
However, with Saudi Arabia ramping up production and global demand showing signs of weakening, experts suggest this resilience may soon be tested. From a technical perspective, Brent crude faces resistance at $75.30 and support at $62.72 per barrel.
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