Crude Oil Production Rises To 1.539 Million Bpd, Meets OPEC Quota

Nigeria’s crude oil production saw a significant boost in January, reaching an average of 1.539 million barrels per day (bpd), according to the Organisation of Petroleum Exporting Countries (OPEC).

This marks the first time the country has met its OPEC production quota of 1.5 million bpd since it was set during the ministerial meeting in November 2023.

OPEC’s latest monthly oil market report revealed that the January production figure surpassed December 2024’s output of 1.485 million bpd, reflecting an increase of 54,000 bpd. The report also noted that Nigeria had struggled to meet its quota for over a year, prompting OPEC to extend the target to 2026.

The production data was sourced from both direct communication with Nigerian officials and secondary sources, including energy intelligence platforms. The report reaffirmed Nigeria’s position as Africa’s largest oil producer, ahead of Algeria, which recorded 907,000 bpd in January, and Congo, which produced 251,000 bpd.

“The oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilise the petroleum product supply and possibly lower petrol prices,” OPEC stated.

On a broader scale, OPEC-12 crude oil production averaged 40.62 million bpd in January 2025, a month-on-month decline of 118,000 bpd. While oil output increased in Libya, Congo, and Gabon, production dropped in Nigeria, the UAE, and Venezuela.

Non-OPEC DoC crude oil production, however, saw a slight increase, averaging 13.94 million bpd, driven mainly by gains in Kazakhstan, while Russia’s production declined.

The reports state “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, three tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan, while production in Russia decreased.”

Looking ahead, OPEC projected further growth in Nigeria’s oil production, driven by the Dangote Refinery approaching full capacity. The organization highlighted that the refinery’s full operations could stabilize petroleum product supply and potentially lower petrol prices, reinforcing the oil sector’s vital role in Nigeria’s economy.