By Olakunle Oke
Crude oil production from Nigeria, Libya, and Venezuela declined in October, significantly undermining the overall output targets set by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
OPEC’s total production managed to rise by only 30,000} barrels per day (bpd) in October, a sharp contrast to the substantial 330,000 bpd increase recorded in September despite earlier agreements to boost supply.
Data from OPEC’s Monthly Oil Market Report for October showed that Nigeria’s crude oil output, which had briefly climbed to 1.5 million bpd in July, slipped back to 1.4 million bpd in August and 1.3 million bpd in September.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, attributed the national production decline directly to the crisis between the Dangote Refinery and the petroleum workers’ unions, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Meanwhile, oil prices dipped on Wednesday amid global market weakness and a stronger US dollar, as investors reassessed supply dynamics. Brent crude futures fell by six cents to $64.38 per barrel, hitting a near two-week low. U.S. West Texas Intermediate declined by 10 cents to $60.46, while the OPEC Basket lost 0.26 cents to $66.72 per barrel.
On the supply front, OPEC+ announced plans to raise production by 137,000 bpd in December but confirmed it would pause further increases during the first quarter of 2026.
