The Organization of Petroleum Exporting Countries (OPEC) has confirmed a marginal output increase in Nigeria’s oil production despite reporting output falls in December on UAE and Iran finds, a Reuters survey has shown.
Among countries boosting output, Nigeria raised production by 50,000 barrels a day (bpd) the survey found, reflecting higher domestic usage in refineries such as Dangote alongside higher exports. Nigeria had late 2024 resumed operations at its Warri and Port Harcourt refineries after years of shutdowns.
The OPEC oil output fell in December after two months of increases, due to a drop from the United Arab Emirates due to field maintenance and from Iran offset a hike from Nigeria and other gains elsewhere in the group.
The Organization pumped 26.46 million barrels per day last month, down 50,000 bpd from November, a survey showed on Tuesday, with the UAE providing the biggest drop.
OPEC’s biggest drop, of 90,000 bpd, came from the UAE, the survey found. A source said field maintenance was the reason for the decline, and the survey put output at 2.85 million bpd.
