Nigeria Plans 25% Higher OPEC Quota by 2027

Nigeria is seeking a 25% increase in its crude oil production quota from the current 1.5 million barrels per day to 2 million barrels per day by 2027, according to the Nigerian National Petroleum Company Limited (NNPC). The country currently produces around 1.4 million barrels per day of crude oil and an additional 250,000 barrels per day of condensate, totaling approximately 1.65 million barrels per day. Nigeria aims to boost its production capacity to 2.4 million barrels per day by 2027, with plans to increase further to 3 million barrels per day within three years, including condensate output. This push comes as OPEC+ begins updating members' maximum sustainable production capacities to set new quotas for 2027. Improved refinery capacity, including the recent commissioning of the Dangote refinery and modular refining projects, along with efforts to curb oil theft and vandalism, support Nigeria's case for a higher quota. Major oil companies like ExxonMobil, Shell, and TotalEnergies are also investing in Nigerian oil and gas projects, which are expected to raise production in the coming years.