Nigeria Meets OPEC’s Crude Oil Production Quota of 1.5m BPD
Nigeria has reached a significant milestone by meeting the Organisation of Petroleum Exporting Countries’ (OPEC) crude oil production quota of 1.5 million barrels per day (bpd) for the first time. According to OPEC’s latest Monthly Oil Market Report released on Wednesday, Nigeria’s average daily crude oil production in January 2025 stood at 1.53 million bpd, based on direct communication with Nigerian officials.
This achievement comes after Nigeria had struggled for over a year to meet its assigned production quota. The quota, initially set in November 2023 for the 2024 period, was extended into 2026 after the country consistently produced below expectations.
OPEC’s report noted that Nigeria’s January production of 1.53 million bpd represented a 54,000 bpd (3.6%) increase from the 1.48 million bpd recorded in December 2024. This milestone reaffirms Nigeria’s position as Africa’s largest oil producer, surpassing Algeria, which produced 907,000 bpd in January. The Republic of Congo followed as the third-largest producer in Africa with an output of 251,000 bpd.
OPEC further highlighted that Nigeria’s crude oil production is expected to rise further, with the Dangote Refinery nearing full operational capacity. The refinery, once fully operational, will process 650,000 barrels of crude per day, which is expected to stabilize petroleum product supply and potentially lower petrol prices in the country.
Edwin Devakumar, Vice President of Dangote Industries Limited, stated on February 10 that the refinery could reach full capacity within the next 30 days. This development is seen as a key contributor to Nigeria’s oil sector and economic growth.
Despite the progress made, Nigeria has set even more ambitious targets for crude oil production. The Minister of State for Petroleum Resources, Heineken Lokpobiri, recently revealed that the Nigerian government aims to achieve 3 million bpd by 2025. Although the country has faced challenges such as oil theft, pipeline vandalism, and investment constraints, the latest production figures indicate a positive trajectory for Nigeria’s oil output.
