A Nigerian industry leader urges state oil firms to diversify export markets amid OPEC+ supply balance disruptions following UAE’s departure.
Nigeria is pushing to find new buyers for its crude oil after the UAE’s exit from OPEC disrupted the cartel’s supply balance. Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria, called on state-owned NNPC and other producers to expand into untapped markets to secure demand for Nigeria’s output quotas under OPEC+ agreements.
The UAE’s decision to leave OPEC has raised concerns over the group’s cohesion and ability to manage global oil supplies. Nigeria, Africa’s largest oil producer, has struggled with production quotas and relies on OPEC+ allocations to stabilize prices and revenues. Analysts note that diversifying buyers could reduce dependency on traditional markets.
No immediate market reaction was reported, but the shift could pressure OPEC+ members to adjust strategies as supply dynamics evolve.