Nigeria, Libya and Venezuela recorded drops in crude oil production in October, undermining the output levels set by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+, for the month.
According to a Reuters report, OPEC’s overall output rose by just 30,000 barrels per day in October, a sharp contrast to the 330,000 bpd increase recorded in September, despite earlier agreements to boost supply.
Data from OPEC’s Monthly Oil Market Report for October, obtained by Channels Television, showed that Nigeria’s crude production, which fluctuated between 1.3 million and 1.4 million barrels per day from January to June 2025, rose briefly to 1.5 million bpd in July before sliding back to 1.4 million bpd in August and 1.3 million bpd in September.
Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, attributed the production decline to the “crisis between the Dangote Refinery and the Nigeria Union of Petroleum and Natural Gas Workers as well as the Petroleum and Natural Gas Senior Staff Association of Nigeria.”
Oil prices slipped on Wednesday amid global market weakness and a stronger US dollar as investors reassessed supply dynamics.
Brent crude futures fell by 6 cents (0.1%) to $64.38 per barrel by 5:08 a.m. WAT, hitting a near two-week low. U.S. West Texas Intermediate also declined by 10 cents (0.17%) to $60.46, while the OPEC Basket shed 0.26 cents (0.39%) to $66.72 per barrel.
“The risk-off tone across markets saw investors exit energy markets,” ANZ analysts wrote in a client note quoted by Reuters.
“Crude oil is trading lower … as risk sentiment shifted sharply negative, boosting the safe haven U.S. dollar, both of which weighed on the crude oil price,” IG market analyst Tony Sycamore stated.
Further pressure came after the American Petroleum Institute reported a rise in U.S. crude inventories for the week ending October 31.
On the supply front, OPEC+ announced plans to raise production by 137,000 bpd in December but said it would pause further increases during the first quarter of 2026.
However, analysts at LSEG cautioned that the pause was “unlikely to offer meaningful support to November and December prices.”
