Nigeria accounted for two-thirds of the increase of the Organisation of Petroleum Exporting Countries (OPEC), which boosted supplies by 120,000 barrels per day to 29.24million barrels per day (MMbpd), as its output reached a one-year high, according to a Bloomberg survey.
\nNigeria had revived production from record lows this year after the government reached a deal with security companies linked to Government Ekpemupolo, a onetime warlord in the oil-producing Niger River delta region.
\nIt pumped 1.44MMbpd in February, the survey showed.
\nThe survey also stated that other OPEC members largely held output steady, as the group adhered to quotas fixed late last year to keep global crude markets in balance amid a fragile recovery in demand.
\nGroup leader Saudi Arabia has pledged that the targets will remain in place until the end of 2023.
\nOil consumption is projected to climb and boost prices later this year as China\u2019s economic reopening from anti-Covid lockdowns gathers pace.
\nYet concern over tightening U.S. monetary policy and the threat of recession is weighing on the market for the time being, instilling a sense of caution in Riyadh and its partners.
\nAt the same time, OPEC nations are said to be watching developments in Russia part of a wider coalition known as OPEC+ which has threatened to cut production in March in retaliation for western sanctions over the war in Ukraine.
\nRussian output has so far held steady in the first months of 2023 despite widespread condemnation over the conflict.
\nBloomberg\u2019s survey is based on ship-tracking data, information from officials and estimates from consultants including Kpler Ltd., Rapidan Energy Group, and Rystad Energy.
\nThe OPEC+ coalition is next due to hold an online monitoring session to review market conditions early next month, and to have a full in-person meeting at its Vienna headquarters in June.
\nIt would be recalled that Nigeria\u2019s oil production had risen month-on-month, MoM, by 1.9per cent to 1.258million barrels per day, mb\/d, in January 2023, from 1.235mb\/d recorded in December 2022.
\nThe figures excluded Condensate.
\nThe Organisation of Petroleum Exporting Countries, OPEC, in its February 2023 Monthly Oil Market Report (MOMR), however, indicated that on a year-on-year (YoY), basis, the January output was a massive 10percent drop from the 1.399mb\/d in January 2022.
\nThe report also showed that Nigeria, beat Angola that produced 1.050 mb\/d to become Africa\u2019s leading producer while Equatorial Guinea came last with 55,000 barrels per day during the period.
\nNigeria\u2019s oil output in January 2023 remained significantly short of the 1.8million barrels per day allocated to the country by OPEC.<\/p>\n","protected":false},"excerpt":{"rendered":"
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