Nigeria reached its OPEC+ quota for the first time in years, boosting production to a 15-month high last month.
Nigeria’s crude oil production rose to 1.53 million barrels per day in May, marking a 15-month high. The increase reflects the country’s efforts to meet its OPEC+ quota after years of underproduction due to sabotage and theft.
Output reached 102% of Nigeria’s OPEC+ allocation, the first time it has exceeded the target since the agreement was implemented. Prior months saw consistent shortfalls, with production often below 1.4 million bpd.
The data showed no immediate market reaction, but the rise may ease supply concerns among OPEC+ members.