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OIL: Nigeria Output Aims to Remain Under OPEC Quota with Condensate Increase

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Nigeria aims to raise output to 3mb/d with half from condensate, according to Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri cited by Bloomberg.

  • The proportion of condensate will enable the country to remain under the OPEC production cap and not “offend anybody,” the minister said.
  • The details of the specific grades aiming to boost output were not provided.
  • Nigeria’s rig count is expected to increase from 40 to 50 by the end of the year, according Gbenga Komolafe at the upstream oil sector regulator NUPRC.
  • Nigeria is on track to add 1.07mb/d to output by December 2026, NUPRC told Argus earlier this month.
  • Nigeria’s liquids production rose by 4% on the month to 1.74m b/d in January, of which 1.54m b/d was crude, leaving the country 2.6% above its OPEC+ quota, according to NUPRC data.
  • Nigeria has a crude production target agreed with the OPEC+ group of 1.5mbpd for 2025 and for 2026.
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Nigeria aims to raise output to 3mb/d with half from condensate, according to Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri cited by Bloomberg.

  • The proportion of condensate will enable the country to remain under the OPEC production cap and not “offend anybody,” the minister said.
  • The details of the specific grades aiming to boost output were not provided.
  • Nigeria’s rig count is expected to increase from 40 to 50 by the end of the year, according Gbenga Komolafe at the upstream oil sector regulator NUPRC.
  • Nigeria is on track to add 1.07mb/d to output by December 2026, NUPRC told Argus earlier this month.
  • Nigeria’s liquids production rose by 4% on the month to 1.74m b/d in January, of which 1.54m b/d was crude, leaving the country 2.6% above its OPEC+ quota, according to NUPRC data.
  • Nigeria has a crude production target agreed with the OPEC+ group of 1.5mbpd for 2025 and for 2026.