OPEC Monitors Nigeria's Plans to Boost Oil Production to 2.7mbpd by 2027

Nigeria aims to increase its daily crude and condensate production to 2.7 million barrels by 2027, with improved security measures around oil sites as a key factor, according to President Bola Tinubu's Special Adviser on Energy, Olu Verheijen. This target is intended to demonstrate Nigeria's capacity for higher production within OPEC+ quotas, which currently stand at 1.5 million barrels per day. Meanwhile, OPEC+ has agreed to maintain its policy of gradually increasing oil output and has removed the U.S. Energy Information Administration from its monitoring sources. The decision followed a meeting where OPEC+ officials discussed strategies to cope with U.S. sanctions, particularly in light of ongoing tensions regarding oil prices affected by U.S. tariffs on imports. Oil prices have fluctuated amidst these geopolitical tensions, with OPEC+ working to balance production levels while responding to external pressures from the U.S. government. The landscape remains complex as both Nigeria seeks to boost its oil revenue and OPEC+ navigates the implications of U.S. tariff policies on global oil supply.