• M’East crisis crashes global supply

Nigeria’s oil production fell below the quota granted to it by the Organisation of Petroleum Exporting Countries (OPEC) in March. The country has for many months consistently supplied below its OPEC quota. Nigeria’s current OPEC quotan is 1.5 million barrels per day.

According to the Monthly Oil Market Report (MOMR) for March released by OPEC yesterday, using direct communication, Nigeria’s production increased by 69,000 barrels per day from 1.314million barrels per day in February to 1.383mbpd in March. United Arab Emirate (UAE) fell by 1.482mbpd from 3.390mbpd to 1.908mbpd; Saudi Arabia fell by 2.348mbpd from 10.111mbpd to 7.763mbpd and Iraq fell by 2.234mbpd from 4.140mbpd to 1.906mbpd.

OPEC said: “Saudi Arabia’s supply to the market was 10,111 tb/d in February and 7,763 tb/d in March 2026. Saudi Arabia’s production stood at 10,882 tb/d in February and 6,967 tb/d in March 2026.”

But using secondary sources, Nigeria’s supply increased from 1.442mbpd in February to 1.463mbpd, an increase of 22,000b/d;Saudi Arabia, from 10.112mbpd to 7.799mbpd, a decrease of 2.314mbpd; IR Iran from 3.241mbpd to 3.060mbpd,a decrease of 182,000b\d; UAE, from 3.419mbpd to 1.892mbpd, a decrease of 1.527mbpd; Kuwait, 2.582mbpd to 1.213mbpd, a decrease of 1.369mbpd.Total NonOPEC Doc was 14.092mbpd in February and 14.267mbpd in March, an increase of 176,000b/d while Total Doc was 42.757mbpd in February and 35.055mbpd in March, a decrease of 7.702mbpd.