Nigeria averaged a crude oil production output of 1.468mbpd in the first quarter of 2025, much lower than the 2mbpd target set by the government.
This is according to information in OPEC’s latest Monthly Oil Report for May 2025, published on the website of the oil cartel.
According to OPEC, global oil demand in 2025 is expected to grow by 1.3mbpd, y-o-y, unchanged from last month’s assessment.
According to OPEC, Nigeria reported a total of 1.468mbpd in the first quarter of 2025 compared to 1.435mbpd recorded in the 4th quarter of 2024.
The OPEC Declaration of Cooperation (DoC) is an agreement between OPEC and non-OPEC oil producers, including Russia, to coordinate oil output and stabilize global oil markets.
According to the report, Nigeria reported an average crude oil output of 1.521mbpd for the first quarter of 2025. Reported output for February, March, and April 2025 was 1.540, 1.499, and 1.471, respectively.
Nigeria retained its position as Africa’s largest crude oil exporter, per the OPEC data.
According to the report, Nigeria’s exports to OECD countries declined as imports from the US increased.
Meanwhile, Nigeria’s crude oil exports to the US increased along with those of Mexico despite a decline in imports by the world’s largest economy.
Data from the Ministry of Finance stated that Nigeria achieved crude oil production of 1.737 and 1.672mbpd for the months of January and February 2025 respectively. The figures include condensates.
Brent crude oil prices have fallen since May, dropping to below $60 per barrel. However, it has risen to above $65 per barrel as the trade war between the US and China eases.