THUR NOV 13 2025-theGBJournal| Nigeria’s crude oil production saw marginal increase in October, up from 1.39 million bpd recorded in September, according to the Organization of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Wednesday.
Production climbed to 1.401 million barrels per day (bpd) in October, short of OPEC-assigned quota for the third consecutive month. The last time Nigeria met its target was in July 2025.
The OPEC forecast equally signaled global oil supply rise, slightly exceeding demand in 2026, and marking a further shift from its earlier projection of a supply shift deficit.
OPEC forecast for next year is based on the wider production increase by OPEC+, a group of producers that OPEC members and allies including Russia.
Meanwhile, oil prices fell significantly on Thursday after the report, falling more than $2 a barrel on Wednesday.
Brent crude futures was down 0.003% or 3 cents, to $62.69 a barrel after dropping 3.8% in the previous session.
The U.S West Texas Intermediate crude also fell 5 cents, or 0.09%, to $58.44 a barrel on Thursday, extending its 4.2% decline on Wednesday.
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