Nigeria’s oil production surged in February, exceeding its OPEC quota of 1.5 million barrels per day by 70,000 bpd, and contributing to the cartel’s increased output in February, a Reuters survey has found.
The survey, released on Wednesday, revealed that Nigeria recorded the second-largest production increase among members of the Organization of the Petroleum Exporting Countries (OPEC), contributing to the bloc’s overall rise in output.
OPEC reportedly pumped 26.74 million bpd last month, up by 170,000 bpd from January’s total, with Iran contributing the highest increase of 80,000 bpd.