Nigeria plans to boost oil output by 20% in hopes of boosting OPEC+ quota

Nigeria aims to increase oil production by more than 20% in the coming months as the country seeks higher OPEC+ quotas for next year, the head of the Nigerian National Petroleum Corporation said.

In a deal reached last month, the West African country and several other OPEC members accepted a lower output cap for 2024. But the head of the national oil company said those levels would be reviewed later this year and that Nigeria was gradually recovering lost supplies.

In addition, he said that new dialogue will come, and he is confident that a higher quota will be obtained after OPEC completes its evaluation at the end of the year.