OPEC oil output rose in February led by a further recovery in Nigerian supply, despite strong adherence by top producers to an agreement by the wider OPEC+ alliance to cut production to support the market, according to Reuters survey.
The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.97 million barrels per day (bpd) this month, the survey found, up 150,000 bpd from January. Output is still down more than 700,000 bpd from September.
NNPC Limited Group chief executive officer, Mele Kyari had said last month that Nigeria’s oil output is increasing, stood at 1.6 million barrels per day (bpd), up from less than 1 million bpd in July last year.
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“We are growing production. In July 2022 we were at less than 1 million barrels per day. As at yesterday, we were at 1.6 million barrels and hopefully we will meet the OPEC quota of 1.8 million,” OPEC said
Nigeria has been battling crude theft and security issues in its oil-producing region, hitting output. Many crude streams exported more in February, the survey found, although Africa’s top producer is still pumping much less than its OPEC target.
OPEC and its allies, known as OPEC+, had been boosting output for most of 2022 as demand recovered from the pandemic. But for November, with oil prices weakening, the group made its largest cut since the early days of COVID-19 in 2020.