• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, October 16, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Nigeria’s Improved Crude Export Raises OPEC May Output

by Chika Izuora
1 year ago
in Business
Nigeria
Share on WhatsAppShare on FacebookShare on XTelegram

The Organization of Petroleum Exporting Countries, OPEC oil output rose in May supported by increased export from Nigeria.

Advertisement

Data published by Reuters showed higher exports from Nigeria and Iraq to offset the impact of ongoing voluntary supply cuts by some members who agreed with the wider OPEC+ alliance.

Nigeria and Iraq each raised output by 50,000 bpd and there were smaller hikes in Saudi Arabia and the United Arab Emirates, the survey found. Only Algeria cut output, as a result of oilfield maintenance.
The Organization pumped 26.63 million barrels per day (bpd) last month, up 145,000 bpd from April, the survey, based on shipping data and information from industry sources, found.

Advertisement

The increase from Iraq comes despite the country, OPEC’s second-largest producer, along with OPEC+ member Kazakhstan pledging to compensate for earlier over-production by making further cutbacks in the rest of 2024.

Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group.
Producers decided on Sunday to keep them in place for the third quarter, having earlier extended them until June.

OPEC pumped about 250,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq accounting for the bulk of the excess, the survey found.
Among those not required to cut output, Iran and Venezuela boosted output slightly. Iran is pumping near a five-year high reached in November after posting one of OPEC’s biggest output increases in 2023 despite U.S. sanctions still being in place.

RELATED NEWS

SEC DG: Nigeria’s transition To T+2 Settlement Cycle’ll Reduce Risks

Renewable Energy Forum Highlights Africa’s Low Investment Share, Calls for Solutions

Mantrac Launches Digital Service Centre

Upstream Regulator Approves 28 Field Development Plans

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows – such as Petro-Logistics and Kpler – and information provided by sources at oil companies, OPEC and consultants.

Join Our WhatsApp Channel

SendShare10174Tweet6359Share

OTHER NEWS UPDATES

SEC DG: Nigeria’s transition To T+2 Settlement Cycle’ll Reduce Risks
Business

SEC DG: Nigeria’s transition To T+2 Settlement Cycle’ll Reduce Risks

9 hours ago
Renewable Energy Forum Highlights Africa’s Low Investment Share, Calls for Solutions
Business

Renewable Energy Forum Highlights Africa’s Low Investment Share, Calls for Solutions

9 hours ago
Mantrac Launches Digital Service Centre
Business

Mantrac Launches Digital Service Centre

9 hours ago
Advertisement
Leadership join WhatsApp

LATEST UPDATE

BREAKING: Presidential Pardon Exercise Under Review, Subject To Change — AGF Fagbemi

10 minutes ago

IAWPA International Spokesman Hails Amupitan’s Appointment As INEC Chair

11 minutes ago

PDP Convention: Court Warns Parties Against Breaching Status Quo Order

34 minutes ago

Miyetti Allah Suspends Taraba, Bauchi, Adamawa Chairmen

41 minutes ago

Kaduna Retains Top Spot On CeFTPI 2025 Transparency, Integrity Index

46 minutes ago
Load More

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.