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EconomyJuly 13, 2026 at 05:18 PM

OPEC Production Turnaround: Nigeria and Iran's Strike on Asia Markets

724FinanceZeynep Kaya

OPEC Production Turnaround: Nigeria and Iran's Strike on Asia Markets

OPEC's recent 3 million barrel production increase was spearheaded by Nigeria and Iran's strong performances. Nigeria's daily output rose by 5,000 barrels to 1.559 million barrels, positively impacting Asia markets. Iran, meanwhile, saw a 155,000 barrel increase to 2.441 million barrels. This uptick aligns with OPEC's forecast of a 780,000 barrel increase in global oil demand this year. OPEC+ reached 36.278 million barrels of daily production, surpassing expectations, while Saudi Arabia and Venezuela saw declines. China's slowing demand for iron ore is also affecting global steel markets.

Nigeria's production surge could boost Asia markets, while Iran's rising output may act as a stabilizing force. These developments could shape the future trajectory of oil markets.