Nigeria plans to request an increase in its oil production quota from the Organisation of Petroleum Exporting Countries (OPEC) as its crude output continues to recover.
Gbenga Komolafe, CEO of the Nigeria Upstream Petroleum Regulatory Commission, stated that the country is focusing on boosting production to meet budget goals before formally approaching OPEC for a quota adjustment.
In December 2024, Nigeria’s crude oil production rose to 1.48 million barrels per day (bpd), nearing its OPEC-assigned quota of 1.5 million bpd. This marks a strong recovery from the 2022 low of 1.1 million bpd, caused by widespread theft and vandalism affecting oil infrastructure.