The Organisation of Petroleum Exporting Countries (OPEC) has announced that Nigeria’s crude oil production has significantly increased, reaching an average of 1.53 million barrels per day (bpd) in January 2025. This marks a major achievement for the country, as it has now met the 1.5 million bpd production quota set for it by OPEC for the first time......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The production quota was established in November 2023 during an OPEC ministerial meeting, setting Nigeria’s target for the 2024 period. According to OPEC’s latest monthly oil market report, Nigeria’s production increased from 1.485 million bpd in December 2024, reflecting a positive change of 54,000 bpd.
For over a year, Nigeria had struggled to meet its OPEC production quota, leading to an extension of the target period until 2026. However, the recent increase signals a strong recovery in the country’s oil sector.
OPEC gathers crude oil production data from two key sources: direct communication with Nigerian officials and independent energy intelligence platforms (referred to as secondary sources). Based on these figures, Nigeria has retained its position as Africa’s largest oil producer, ahead of Algeria, which recorded 907,000 bpd in January 2025.
In comparison, Congo emerged as Africa’s third-largest oil producer, with a recorded production of 251,000 bpd in the same period.
On a global scale, OPEC’s total crude oil production across its 12 member countries averaged 40.62 million barrels per day (mb/d) in January 2025. This reflects a month-on-month decline of 118,000 barrels per day. According to OPEC’s report, crude oil production increased in Libya, Congo, and Gabon, while significant declines were recorded in Nigeria, the United Arab Emirates (UAE), and Venezuela.
Non-OPEC crude oil production also showed a slight increase, averaging 13.94 mb/d in January 2025, driven mainly by higher output in Kazakhstan, while Russia’s oil production declined.
Looking ahead, Nigeria’s oil output is expected to grow further, especially with the Dangote Refinery approaching full operational capacity. OPEC noted that as the refinery reaches maximum production levels, it could help stabilize the domestic supply of petroleum products and potentially lower petrol prices in Nigeria.