₦airaland Forum

Nigeria’s crude oil production rose to 1.459 million barrels per day (bpd) in January 2026, reinforcing its position as Africa’s largest oil producer despite remaining below its Organisation of Petroleum Exporting Countries (OPEC) quota.

The figures were disclosed in OPEC’s latest Monthly Oil Market Report (MOMR) released on Wednesday, a key development in Nigeria News Today as investors track output levels and fiscal performance.

The latest data highlights modest month-on-month growth in output but underscores Nigeria’s continued struggle to meet its assigned production ceiling.

While the increase signals gradual recovery in output levels, structural and operational challenges continue to weigh on the oil sector.

Although Nigeria retained its top ranking on the continent, the country has now recorded six consecutive months of production below its OPEC quota.

OPEC Data Shows Modest Output Growth

Nigeria’s crude oil production rose from 1.422 million bpd in December 2025 to 1.459 million bpd in January 2026, reflecting a month-on-month increase of 37,000 bpd. The figures were sourced through direct communication between OPEC and Nigerian authorities.

However, Nigeria’s OPEC production quota remains 1.5 million bpd, leaving January output about 50,000 bpd below the assigned ceiling.

Secondary sources cited by OPEC placed Nigeria’s production slightly higher at 1.47 million bpd, illustrating the methodological differences commonly observed in OPEC reporting.

Libya ranked second in Africa with 1.37 million bpd during the same period.

Six Months Below OPEC Quota

Nigeria has struggled to consistently meet its OPEC production quota over the past year due to persistent security and infrastructure challenges.

Oil theft, pipeline vandalism, and years of underinvestment in upstream infrastructure have constrained production capacity across key oil-producing regions.

The country has now missed its 1.5 million bpd quota for six consecutive months, with the last time it met the target recorded in July 2025.

Operational disruptions and routine maintenance issues have also weighed on output performance.

Although output has shown gradual improvement in recent months, industry analysts maintain that structural reforms and enhanced security measures are critical to sustaining growth and closing the quota gap.

OPEC Output Trends and Market Strategy

Beyond Nigeria, OPEC reported that total crude oil production by Declaration of Cooperation (DoC) countries averaged 42.45 million bpd in January 2026, according to secondary sources.

This marked a month-on-month decline of 439,000 bpd compared to December levels, aligning with OPEC’s broader market stabilisation strategy.

The reduction reflects ongoing production management efforts by oil-producing nations aimed at balancing global supply amid fluctuating demand and macroeconomic uncertainties.

Why Oil Production Matters for Nigeria

Oil production remains central to Nigeria’s economic stability, as crude exports account for the bulk of foreign exchange earnings and a significant share of government revenue.

Improved output levels are expected to support fiscal performance, ease pressure on external reserves, and strengthen budget implementation.

The Federal Government adopted a 2.6 million bpd oil production benchmark for 2026 but plans to use a more conservative 1.8 million bpd for budgeting purposes.

The Business Bureau will continue to monitor oil production trends and their implications for fiscal policy and foreign exchange stability as part of its in-depth coverage of Nigeria News Today.

femi4:
Will this bring fuel price to N500/litre

femi4:
Will this bring fuel price to N500/litre

femi4:
Will this bring fuel price to N500/litre

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

helinues:
Considering the way you are sounding, would you be able to still afford it if it sells at N300?

femi4:
This is for the masses not me

I m not bothered even if its 1k per litre

helinues:
https://www.nairaland.com/8617066/dangote-refinerys-774-litre-petrol

femi4:
774 is not N500

With min wage less than 100k...it makes no sense buying fuel at above N500 per litre

helinues:
Slow, steady with consistency

Ahead ahead Nigeria

helinues:
Considering the way you are sounding, would you be able to still afford it if it sells at N300?

Bwanasaraw:
Thank you Government Tompolo for keeping Crude Oil flowing without disruption for such a long period.

Civil defense, Nigerian Army, Nigerian Air Force and Nigerian Navy failed Nigerians.
They are battling bandits for several years now without any positive results.

sweetkev:
Highest in Africa but 80 percent of Nigerians are living in poverty.

sweetkev:
Highest in Africa but 80 percent of Nigerians are living in poverty.

zionstaar75:
u are either living in the village or from a very poor background or location. I hardly see or meet poor people

sweetkev:
Highest in Africa but 80 percent of Nigerians are living in poverty.

PulaPower:
80%? 😃

The way una dey lie ehh,,, like say no be this same Nigeria we dey..

helinues:
Slow, steady with consistency

Ahead ahead Nigeria