Nigeria Surpasses OPEC Quota Again, Renewing Hope for Oil Revenues

New OPEC data shows Nigeria produced 1.53 million barrels per day in May 2026. This is 41,000 bpd above April’s figure and marks the first time the country has exceeded its OPEC quota since mid-2025. The gain comes amid wider output cuts by OPEC members. Government efforts to secure pipelines and attract fresh investment appear to be paying off. Higher oil production is expected to boost government revenue, foreign exchange earnings and external reserves. Sustaining this growth will hinge on continued improvements in security and infrastructure.

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