Nigeria plans to request an upward review of its crude oil production quota at the upcoming meeting of the Organisation of Petroleum Exporting Countries (OPEC) scheduled for November as the country’s daily output approaches two million barrels.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, confirmed the development, noting that Nigeria’s production recovery and rising capacity now justify a higher allocation within OPEC’s framework.
He explained that Nigeria’s current quota of about 1.5 million barrels per day does not reflect the country’s actual production strength or new upstream momentum.
The minister emphasised that the country’s output has continued to improve, supported by better security across oil-producing corridors, stronger infrastructure, and renewed investor participation.
Lokpobiri said the government will present verifiable production data and evidence of capacity expansion to OPEC during the November session, adding that Nigeria’s goal is to secure a quota closer to its present capability.
He expressed confidence that the combination of higher output, ongoing investments, and an improved regulatory framework under the Petroleum Industry Act (PIA) will support Nigeria’s argument for an upward adjustment.
Nigeria’s crude oil production has recorded steady growth over the past year, recovering from periods of supply disruptions caused by pipeline vandalism and theft. Official estimates show that daily output, including condensates, is currently between 1.7 million and 1.8 million barrels per day, a notable increase from levels recorded in 2023.
The minister attributed this improvement to joint efforts by government agencies, security forces, and host communities to protect critical energy infrastructure.
He noted that upstream operators now experience greater stability in crude evacuation and export operations compared to previous years.
He also highlighted the growing role of indigenous producers in boosting national output following asset divestments by major international oil companies.
Several local operators have expanded production significantly after acquiring assets previously held by global firms, a trend that has deepened local participation in the sector and increased national output.
Industry data further indicate that Nigeria’s rig count—an important measure of upstream activity—has increased sharply this year, reinforcing optimism about the country’s near-term production potential.
Lokpobiri reaffirmed that the government’s objective remains to restore production to above two million barrels per day in the short term and maintain stability through sustained investment inflows.
He added that recent executive orders introduced by President Bola Tinubu to address cost inefficiencies have begun to make Nigeria’s oil operations more competitive globally.
Nigeria’s position ahead of the OPEC meeting is expected to reflect both its technical capacity and policy progress.
The country has made significant strides in restoring investor confidence through consistent enforcement of the PIA, improved regulatory coordination under the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and stronger alignment between operators and government agencies.
Analysts believe Nigeria’s request for a higher quota will likely be supported by its improved performance data and renewed contribution to regional energy stability.
A successful review could enhance government revenue projections and support macroeconomic objectives tied to foreign exchange inflows and budgetary funding.
The November OPEC meeting will also provide an opportunity for Nigeria to reinforce its position as Africa’s largest oil producer and a key player in the global energy market.
