Nigeria’s April oil production exceeds OPEC quota

Nigeria’s oil production schedules showed that the country is produced more than the Organization of the Petroleum Exporting Countries (OPEC) quota allotted to it for the month of April .

Nigeria recorded 73 percent compliance with OPEC cuts, overshooting its quota by 84,000 barrels per day in April, according to S & P Global Platts figures.

Other oil producers such as Iraq, Gabon, Equatorial Guinea, and Russia also contributed to the worsening non-compliance, bringing total production by OPEC and its allies to a three-month high.

The 13-member OPEC produced 25.28 million b/d in April, up by 80,000 b/d from March on the back of rising demand.

This is as Russia and eight other non-OPEC oil producers in the group added 13.21 million b/d, an increase of 130,000 b/d, the survey found.

Russia, the main non-OPEC partner, pumped 9.50 million b/d of crude, a rise of 160,000 b/d from March and well above its quota of 9.38 million b/d.

Iraq produced 3.97 million b/d in April, producing 113,000 b/d above the quota of 3.857 million b/d.

Gabon pumped 190,000 b/d in April, a rise of 35,000 b/d quota that was fixed by the alliance.

Platts data showed the Equatorial Guinea crude oil production in April was 15,000 b/d above the 105,000 b/d quota.

In readiness for the expected rise in global oil demand, the OPEC+ plans to roll back its quotas by 350,000 b/d in May, another 350,000 b/d in June, and 441,000 b/d in July, for a total 1.14 million b/d rise.

The 10 OPEC members with quotas under the deal and the nine non-OPEC allies achieved a conformity level of 111 percent in April, according to Platts calculations.

OPEC+ ministers plan to convene online June 1 to review market forecasts, adjudicate compliance, and decide whether to continue with their gradual easing of quotas.

The international oil price benchmark, Brent crude, fell by 1.01 percent to $68.95 per barrel as of 12:37 pm Nigerian time on Monday.

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