Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s average daily crude oil production increased significantly to 1.53 million barrels per day (bpd) in January.
This is the first time Nigeria has met OPEC’s production quota of 1.5 million bpd since it was establish for the 2024 period, at OPEC’s ministerial meeting on November 30, 2023.
The quota was extended to 2026 as Nigeria produced below the quota for over a year in December 2024.
OPEC in its monthly oil market report on Wednesday, said figures obtained from direct communication with Nigerian officials showed that Nigeria recorded 1.53 million bpd in January.
The oil cartel obtains data on crude oil production from two sources: direct communication, which is from member countries, and secondary communication such as energy intelligence platforms.
OPEC noted that the current output figure represents a 54,000 or 3.6 percent increase from the 1.48 million bpd recorded in December 2024.
The current production figure means that Nigeria retained its position as the largest oil producer in Africa, surpassing Algeria which produced 907,000 bpd in January.
OPEC added that Congo produced 251,000 barrels of oil per day in the period under review, making the country the third-largest oil producer in Africa.
However, the organisation said secondary sources reported that Nigeria’s crude production declined by 2 per cent to 1.49 million bpd in January — from 1.52 million bpd reported in December.
It said, “According to secondary sources, total OPEC-12 crude oil production, total DoC crude oil production averaged 40.62 mb/d in January 2025, which is 118 tb/d lower, m-o-m.”
“Crude oil output increased mainly in Libya, Congo, and Gabon, while production in Nigeria, UAE, and Venezuela decreased significantly.”
“Also, total non-OPEC DoC crude oil production averaged 13.94 mb/d in January 2025, 3 tb/d higher, m-o-m.”
“Crude oil output increased mainly in Kazakhstan, while production in Russia decreased.”
OPEC said Nigeria’s oil production is likely to increase with Dangote refinery getting close to full capacity.
It said, “…the oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilize the petroleum product supply and possibly lower petrol prices.”
