Nigeria’s crude oil production fell by 30,000 barrels per day in January, slipping to 1.495 million bpd and missing its OPEC-mandated target, according to data from the cartel’s secondary sources.
The decline, which is equivalent to a 1.97% drop from the previous month, comes just weeks after briefly meeting its OPEC quota in December 2024, breaking a four-year shortfall. The country has set an ambitious target of 2.7 million bpd by 2027, but persistent challenges threaten this goal.
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Oil theft and pipeline vandalism continue to undermine Nigeria’s upstream sector, eroding foreign exchange earnings and hampering domestic energy obligations.
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