The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has approved an increase of 188,000 barrels per day (bpd) in oil production for August 2026 as part of its gradual strategy to restore previously withheld output and maintain stability in the global energy market.

The decision was reached during the alliance’s ministerial meeting, where member countries reviewed current oil market conditions, global demand trends, and supply dynamics. The production adjustment reflects OPEC+’s confidence in market fundamentals despite ongoing economic uncertainties and geopolitical developments affecting the energy sector.

Industry analysts believe the additional output could help ease supply concerns in international markets while supporting price stability. However, they note that global crude oil prices will continue to depend on factors such as economic growth, geopolitical tensions, refinery demand, and inventory levels across major consuming nations.

For Nigeria, the increased production target presents an opportunity to strengthen crude oil exports and improve foreign exchange earnings, provided domestic production remains stable and operational challenges are effectively managed. Energy experts have consistently urged investment in oil infrastructure, improved security, and enhanced production efficiency to enable the country to maximise its OPEC allocation.

The latest production adjustment comes as several producing countries continue efforts to balance supply with global demand while preventing excessive market volatility. OPEC+ has maintained that future production decisions will remain data-driven and subject to prevailing market conditions.

Market observers say the decision underscores the alliance’s commitment to ensuring a balanced oil market while supporting long-term energy security and sustainable investment across the global petroleum industry.

The post OPEC Approves 188,000 BPD Oil Production Increase for August appeared first on Housing TV Africa.

Nigeria’s current account surplus climbed to $4.98 billion in the first quarter of 2026, reflecting improved export earnings and a stronger external sector performance.

Data released by the Central Bank of Nigeria showed that the surplus was largely supported by increased receipts from crude oil, natural gas, and refined petroleum exports. The development highlights the continued importance of the energy sector in strengthening the country’s foreign exchange earnings and overall trade position.

Crude oil exports generated $8.11 billion during the quarter, representing a significant increase compared to the previous quarter. Gas exports also recorded growth, reaching $2.53 billion, while earnings from refined petroleum product exports rose to $2.37 billion. The figures indicate sustained demand for Nigerian energy products in international markets.

Non-oil exports also contributed positively to the country’s external account, increasing by 4.62 percent to $2.49 billion. The improvement reflects gradual diversification efforts aimed at reducing dependence on crude oil revenue and expanding foreign exchange earnings from other sectors.

On the import side, Nigeria recorded a substantial decline in refined petroleum product imports, which fell by 87.5 percent to $310 million from $2.48 billion in the previous quarter. Analysts attribute the sharp reduction to increased domestic refining capacity and changing supply dynamics within the petroleum sector.

Non-oil imports also declined by 10.49 percent to $7.85 billion, helping to strengthen the country’s trade balance. However, crude oil imports increased to $1.39 billion during the period compared to $340 million in the preceding quarter.

Economic analysts note that the strong current account position provides support for external reserves, exchange rate stability, and investor confidence. The performance also reflects the impact of stronger export receipts and improved trade flows during the quarter.

The latest figures add to a series of positive indicators within Nigeria’s external sector, with recent reports showing improvements in trade balances and export earnings driven primarily by oil and petroleum-related products.

While the energy sector remains the primary driver of export growth, experts continue to emphasize the need for broader diversification of the economy to ensure sustainable growth and reduce exposure to fluctuations in global oil prices.

The post Oil Exports Drive Nigeria’s Current Account Surplus to $4.98bn appeared first on Housing TV Africa.