Nigeria: Nigeria Urged to Get New Buyers As UAE Exit Threatens Oil Market Stability

The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr Wole Ogunsanya, has called on the Nigerian National Petroleum Company Limited (NNPC) and other oil producers in the country to urgently develop markets for Nigerian crude outside the Organisation of Petroleum Exporting Countries (OPEC) quota system.

Ogunsanya argued that this would enable the country to cushion the impact of the United Arab Emirates (UAE)'s exit from OPEC and to secure supply for its growing domestic refining capacity, which he said would hit 1 million barrels per day soon.

The PETAN chair made the call while speaking to journalists at the just-concluded Offshore Technology Conference (OTC) 2026, in Houston, Texas, United States.