Nigeria Crude Oil Output Grows, Nears OPEC+ Quota

The video discusses Nigeria's improved oil production, highlighting past challenges like theft and vandalism that reduced output to 1.1 million barrels per day in 2022. Security measures and local companies acquiring assets have boosted production. The impact on local and global markets is explored, noting increased revenue potential for Nigeria. However, Nigeria must navigate OPEC quotas and global market dynamics, including potential oil surpluses under new U.S. policies, which could affect prices and revenue.

What was one of the main reasons for the drop in Nigeria's oil production in 2022?

• Increased global demand

• Theft and vandalism

• Natural disasters

• Government policy changes

Which company plans to double its production to 120,000 barrels a day?

• Nigerian National Petroleum Company

• ExxonMobil

• Ceplat Energy

• Orando PLC

What is one of the benefits for Nigeria with increased oil production?

• Decreased oil prices

• Higher unemployment rates

• Increased oil imports

• More revenue from exports

What is Nigeria's OPEC quota for oil production?

• 2.5 million barrels

• 2.0 million barrels

• 1.1 million barrels

• 1.5 million barrels

What global policy could lead to a surplus of oil in the market?

• Green energy initiatives

• OPEC production cuts

• Drill, baby, drill

• Trade embargoes