The Petroleum Technology Association of Nigeria (PETAN) has called on the country to increase oil and gas production amid growing uncertainty in OPEC+. Chairman Wole Ogunsanya made the appeal during a briefing at the 2026 Offshore Technology Conference in Houston, Texas, on Monday. He cited shifting dynamics within OPEC+, including reports of the United Arab Emirates' potential exit, as risks to global price stability. Ogunsanya said OPEC+ has historically balanced markets by protecting both consumers and producers, but recent developments could disrupt that role.
He noted that oil markets frequently swing between scarcity and oversupply, with volatility only tempered by OPEC+ interventions, except during the pandemic and geopolitical crises. The UAE's reported production plans, he added, might weaken quota discipline within the group. Nigeria, he stressed, must prioritise its national interest by targeting three million barrels per day within five years. Higher output, he said, would improve foreign exchange earnings and support refinery operations like the Dangote Refinery, which already exports aviation fuel to the United States.
Ogunsanya warned that falling prices could harm export revenue without better planning and market readiness. He urged Nigeria to maintain steady production regardless of price fluctuations, noting sustained global demand for aviation fuel, petrol, and diesel. Nigeria must also secure reliable buyers, he said, as quota allocations are meaningless without dependable customers. Past delays in cargo delivery due to logistical and contractual issues have damaged buyer confidence, he noted. He highlighted the influence of the United States and Russia on global output, calling the current moment a strategic wake-up call for Nigeria to boost production, secure markets, and remain competitive.
Wole Ogunsanya calls for Nigeria to reach three million barrels daily while admitting past cargo delays have made buyers hesitant. If delivery inconsistencies persist, no amount of production increase will attract stable buyers. The Dangote Refinery is already exporting aviation fuel to the US, proving Nigerian products can compete. But without fixing logistics and contracts, even premium crude may keep losing market trust.
💡 NaijaBuzz Take is AI-assisted editorial opinion, not established fact. Full disclaimer →
