Nigeria’s crude oil production continued its downward trend in October, reaching its lowest level in seven months, according to data from the Nigerian National Petroleum Company Limited (NNPCL).
The country’s average daily production stood at 1.30 million barrels, a decline from 1.38 million barrels in September and 1.37 million barrels in August. This marks a steady fall since June’s production of 1.42 million barrels per day.
The country’s oil output has been constrained by sabotage, pipeline vandalism, and poor management, hindering Nigeria’s ability to meet its OPEC quota of 1.5 million barrels per day.
Industry experts warn that persistent production shortfalls could undermine the country’s revenue generation and economic growth.
Despite these challenges, the Nigerian government has set ambitious targets to increase production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
However, the country’s refineries continue to face crude oil shortages, with over 55.8 million barrels required for local consumption unmet between January and August 2025.
