Nigeria’s crude oil production declined to around 1.20 million barrels per day in January, the largest output drop among members of the Organization of the Petroleum Exporting Countries (OPEC), according to a monthly supply survey.
The fall in Nigeria’s production contributed significantly to OPEC’s overall output decline with the group pumping 28.34 million bpd in January, down about 60,000 bpd from December. Nigeria accounted for the biggest share of that reduction.
The weaker output came as OPEC and its allies under the OPEC+ alliance paused scheduled production increases in the first quarter amid concerns about a potential supply glut. While some producers recorded marginal gains, declines from Nigeria and Libya outweighed those increases.
Nigeria’s lower production reflects ongoing capacity constraints and operational challenges that have limited its ability to sustain output at target levels. Despite recent reforms aimed at stabilising the oil sector, the country continues to struggle to consistently raise production.
Libyan output also slipped during the month after poor weather disrupted crude loadings at export terminals, while Iranian supply edged lower under the weight of U.S. sanctions.
These declines offset higher production from countries such as Venezuela and Iraq.
Nigeria remains one of OPEC’s most important producers outside the Middle East, and fluctuations in its output have a direct impact on the group’s supply balance.
Analysts say a sustained recovery in Nigerian production is critical for improving government revenues and strengthening foreign exchange inflows.
The January figures highlight the uneven supply dynamics within OPEC, as several members operate near capacity while others, including Nigeria, face persistent production headwinds.
