Nigeria has a major problem
Opec production cuts matter far less than international companies deciding to scale back production and capex
Uncertainty often surrounds how Nigeria plans to implement crude production cuts after it has agreed them with Opec. But, this time, IOCs are trimming output anyway due to plunging prices, depressed demand and limited storage—and analysts expect foreign firms to further reduce their presence in Africa’s largest oil producer. NOC Nigerian National Petroleum Corporation (NNPC) has ambitions to raise the country’s oil production to 3mn bl/d by 2023. But such targets are increasingly implausible, and output will decline in the next few years “unless there are marked improvements in the business and investment environment and security”, warns Gail Anderson, research director at consultancy Wood M
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
