Oil Output Hits 1.53mbpd, Highest in 11 Months   Nigeria’s crude oil production rose to 1.53 million barrels per day (mbpd) in May 2026, the highest level since July 2025, according to the latest OPEC Monthly Oil Market Report. The figure represents a 41,000 bpd increase from...

OPEC+ raised oil production quotas by 188,000 barrels per day for June, in a move analysts say was designed to project stability after the sudden withdrawal of the United Arab Emirates (UAE).

The United Arab Emirates (UAE) has announced plans to leave the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance effective May 1, 2026, citing changing global oil demand.  

OPEC+ is set to raise its oil production quota by 206,000 barrels per day (bpd) in May 2026, according to sources who spoke to Reuters.

OPEC+ has agreed to raise oil output by 547,000 barrels per day in September 2026, as escalating conflict in the Gulf threatens to push crude prices higher.

OPEC: Nigeria’s Crude Output shortfall Triggers N1.76tn Revenue Loss Nigeria’s oil sector lost an estimated N1.76tn in potential crude oil revenue due to its failure to meet the production quota set by the Organisation of the Petroleum Exporting Countries from January 2025 to January 2026. Data...