The Organisation of Petroleum Exporting Countries (OPEC) has reported that Nigeria’s crude oil production slightly increased to 1.436 million barrels per day (bpd) in November, from the 1.401 million produced by the country in the preceding month.
The oil cartel, in its Monthly Oil Market Report published today, disclosed that despite the marginal increase in the nation’s output, the country did not meet its OPEC-assigned quota for the fourth consecutive month.
According to the report’s data, Nigeria crude oil output averaged 1.444 million bpd in the third quarter (Q3) this, down from 1.481 million bpd in Q2 and 1.468 million bpd in Q1, thereby highlighting the country’s ongoing efforts to sustain production recovery amid new investments and government interventions in the upstream sector.
The OPEC’s data indicated that the cartel and its allies will need to produce an average of 43 million bpd in 2026 to balance supply and demand, contrary to the prevailing industry expectations for a supply excess in 2026.
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The OPEC+ nations led by Saudi Arabia noted the fragile backdrop last month by agreeing to suspend output increases during the first quarter after rapidly ramping up production earlier this year.
Over the past months, Nigeria’s inability to meet its OPEC quota has undermined its foreign exchange (FX) earnings, as crude oil exports remain the country’s largest revenue source.
However, analysts foresee a better crude oil earnings prospect for the rebound of the country’s hydrocarbon resources industry that could strengthen the government’s fiscal position if sustained.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its latest Fact Sheet on the upstream performance indicated that Nigeria’s daily petrol consumption dropped to an average of 52.9 million litres per day in November 2025, reflecting a shift in national fuel demand patterns.
The data showed that in the preceding month, the daily fuel consumption averaged 56.74 million per day.
