Nigeria’s crude oil production rose slightly to 1.436 million barrels per day in November, an increase from the 1.401 million bpd recorded in October, according to the latest OPEC Monthly Oil Market Report released on Thursday.
Okay News reports that despite the uptick, Nigeria failed to meet its OPEC-assigned quota for the fourth straight month. The last time the country achieved its target was in July 2025.
OPEC’s data also showed that Nigeria averaged 1.444 million bpd in the third quarter of 2025, down from 1.481 million bpd in the second quarter and 1.468 million bpd in the first quarter, reflecting continued challenges with production stability.
The report stated that OPEC and its allies will require an average of 43 million barrels per day next year to balance global supply and demand. This expectation contradicts earlier industry forecasts that warned of a possible surplus in 2026.
The cartel noted that Saudi Arabia and other key OPEC+ members agreed last month to pause further output increases in the first quarter of next year, citing a fragile global oil market environment.
Nigeria’s production performance has implications for the country’s foreign exchange earnings, as crude oil remains its main revenue source. Officials have said that new investments, refinery rehabilitation, and the emergence of private refineries such as Dangote’s could support a stronger output recovery in 2026 if security and infrastructure issues are resolved.
New government data also shows that daily petrol consumption dropped to an average of 52.9 million litres in November, down from 56.74 million litres in October, according to a fact sheet from the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
