Nigeria is seeking a 25% increase in its oil production quota as part of OPEC+ output targets, the head of the state oil company told energy industry publication Argus Media.
Bashir Ojulari said he wanted the quota for Africa’s top crude oil producer to rise to 2 million barrels per day, up from the current level of 1.5 million bpd. Members of OPEC+, an alliance of the world’s top oil exporters, are in talks to establish production quotas for 2027.
Nigeria, which relies on crude oil sales for around 90% of foreign exchange earnings, has been pumping below its quota for years due to oil theft and pipeline vandalism. But it has ramped up production in recent months to about 1.4 million bpd.
Ojulari said the significant refining capacity added by the 650,000 bpd Dangote Refinery in Lagos state — which began rolling out fuel late last year — will increase demand within Nigeria, bolstering the argument that the country should be allowed to produce more crude oil.
