Nigeria’s oil output hits 1.53 MBpd, meeting OPEC quota for first time
Nigeria’s crude oil production surged to 1.53 million barrels per day (bpd) in January, marking the first time the country has met its OPEC production quota since it was set at 1.5 million bpd for 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said in its latest monthly oil market report.
The milestone follows more than a year of underproduction, which led OPEC to extend the quota through 2026 during its ministerial meeting in December 2024.
According to figures obtained from direct communication with Nigerian officials, crude production increased by 54,000 bpd, or 3.6%, from 1.48 million bpd in December 2024.
This development solidifies Nigeria’s position as Africa’s top oil producer, surpassing Algeria, which pumped 907,000 bpd in January.
However, the report noted a discrepancy between direct and secondary sources, with independent assessments estimating Nigeria’s crude output at 1.49 million bpd in January, reflecting a 2% month-on-month decline.
OPEC also highlighted that Nigeria’s oil production could rise further as Dangote Refinery nears full operational capacity.
“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,” OPEC stated.
The $19 billion refinery, Africa’s largest, is expected to process 650,000 bpd at full capacity, exceeding Nigeria’s domestic fuel demand. Dangote Industries Vice President Edwin Devakumar recently said the plant could reach full operations within 30 days.
Meanwhile, Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed the federal government’s goal of increasing crude output to 3 million bpd by 2025.
