Nigeria Surpasses OPEC Quota as Energy Marketers Push for Increased Oil Investment
Nigeria’s recent success in exceeding its Organisation of Petroleum Exporting Countries (OPEC) oil production quota has sparked fresh calls for greater investment in the nation’s upstream oil sector. Energy marketers say the milestone demonstrates the country’s potential to significantly increase crude oil output if more resources are directed toward exploration and production activities. Industry stakeholders believe sustained investment will not only strengthen Nigeria’s position in the global oil market but also improve government revenues and economic growth.
Speaking on the development, the Chief Executive Officer and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong, urged the Federal Government to reinvest a substantial portion of oil earnings into developing new oil fields. According to him, allocating at least 20 percent of oil revenue to exploration projects would create a strong foundation for future production growth. He also commended the government’s investment-friendly policies, noting that they have encouraged both international and indigenous investors to increase their participation in Nigeria’s oil and gas industry.
Nigeria achieved a significant breakthrough in May 2026 when crude oil production reached 1.53 million barrels per day, surpassing the country’s OPEC quota of 1.5 million barrels per day. The achievement marked the first time in several months that the country exceeded its assigned target, highlighting an improvement in operational efficiency and output levels. Data from OPEC’s Monthly Oil Market Report showed that production rose by approximately 42,000 barrels per day from April’s figures, reinforcing confidence in the sector’s recovery.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the country achieved 102 percent of its OPEC quota during the month. The commission reported that combined crude oil and condensate production averaged 1.7 million barrels per day, making Nigeria Africa’s leading oil producer. According to the regulator, May’s output represented the highest crude oil production level recorded in 15 months, reflecting consistent improvements across major production terminals including Bonny, Forcados, Qua Iboe, and Escravos.
Despite the positive performance, industry experts warn that maintaining and expanding production levels will require continuous policy support and increased capital investment. Nigeria has struggled to consistently meet its OPEC quota over the past two years due to infrastructure challenges, underinvestment, and operational setbacks. With production now showing signs of sustained recovery, stakeholders believe that deeper investments, regulatory stability, and stronger collaboration between government and private sector operators could help the country consistently exceed its OPEC targets and unlock greater economic benefits from its vast hydrocarbon resources.
source: newtelegraph