Nigeria: Nigerian oil production ticks up in December
Latest reading: Brent crude oil prices averaged USD 61.77 per barrel in December, down 3.0% from November. On 31 December, the commodity traded at USD 60.85 per barrel, down 3.8% from 28 November.
Turning to production, Nigerian oil output ticked up to 1.50 million barrels per day (mbpd) in December from November’s 1.49 mbpd. Consequently, output matched Nigeria’s OPEC+ quota of 1.50 mbpd. In 2025 as whole, oil production hit 1.52 mbpd, marking a five-year high and overshooting its OPEC+ quota of 1.50 mbpd thanks to rising capacity at the Dangote refinery.
In recent oil news, Nigeria’s state-owned oil producer recently said that it plans to develop new oil fields from 2026 to reverse years of underinvestment, and that it will seek to raise at least USD 30 billion by the end of the decade. This year, the company aims to boost output by 5%.
Outlook: Next year, Nigeria’s oil production is set to ease from 2025’s five-year high and narrowly miss its OPEC+ quota, held back by a fragile security situation and an uncertain domestic regulatory environment. Still, output should then rise through 2028. Turmoil in the oil-producing Niger Delta remains a key downside risk.