Nigeria’s oil production increased by 54,000 barrels per day in January.
This is according the Monthly Oil Market Report (MOMR) of the Organizations of Petroleum Exporting Countries (OPEC) for January which was released on Wednesday.
Using direct communication, Nigeria’s oil supply increased from 1.485million barrels per day (mbpd) in December, 2024 to 1.539mbpd in January, 2025.
Saudi Arabia’s production increased by 12,000b/d from 8.906mbpd in December, to 8.918mbpd in January; United Arab Emirate’s production increased by 89,000b/d from 2.817mbpd in December to 2.906mbpd in January.
But using secondary sources, Nigeria’s oil production dipped by 29,000b/d from 1.525mbpd in December to 1.495mbpd in January; UAE’s production declined by 37,000b/d from 2.970mbpd in December to 2.933 in January; Saudi Arabia fell by 13,000b/d from 8.950mbpd in December to 8.937mbpd.
OPEC wrote: “Total DoC crude oil production averaged 40.62 mb/d in January 2025, which is 118 tb/d lower, m-o-m.”
On World oil supply, it reported:DoC liquids supply (i.e. liquids supply from countries not participating in the DoC) is estimated to have expanded by 1.4 mb/d in 2024 to average 53.2 mb/d.
US crude and condensate production dropped by 0.1 mb/d in November, following a record level in October, to average 13.3 mb/d.
“This was mainly due to lower production from offshore platforms. Conversely, natural gas liquids (NGLs) production increased to a new record high of 7.3 mb/d, up by 0.5 mb/d, y-o-y. Estimation for US liquids supply growth for 2024 are now slightly higher at 0.8 mb/d. The other main drivers for non-DoC growth
in 2024 are estimated to be Canada, Argentina and China. UK liquids production is likely to witness the largest decline.
“In 2025, non-DoC liquids supply growth is expected at 1.0 mb/d to average 54.2 mb/d. Growth is set to be driven by the US, Brazil, Canada and Norway, while the main decline is expected in Angola.
“Non-DoC liquids supply in 2026 is forecast to grow by 1.0 mb/d to average 55.2 mb/d (including 30 tb/d in processing gains). OECD liquids supply is expected to increase by 0.5 mb/d, and non-OECD liquids output is set to expand by 0.4 mb/d. The main drivers for liquids supply growth are expected to be the US, Brazil and Canada. At the same time, Norwegian production is forecast to see the largest drop.”
It added: “DoC NGLs and non-conventional liquids in 2024 are estimated to have expanded by about 75 tb/d to average 8.3 mb/d. It is expected to increase by around 80 tb/d to average 8.4 mb/d in 2025, while an additional growth of about 135 tb/d is forecast in 2026 to average 8.5 mb/d.
“OPEC NGLs and non-conventional liquids production is estimated to have increased by around 60 tb/d in 2024 to average 5.5 mb/d. Additional growth of around 110 tb/d and 150 tb/d is forecast in 2025 and 2026 for an average of about 5.6 mb/d and 5.8 mb/d, respectively.
“DoC crude oil production in January decreased by 118 tb/d, m-o-m, averaging 40.62 mb/d, as reported by available secondary sources. Key drivers of growth and decline non-DoC liquids supply is estimated to have expanded by 1.4 mb/d in 2024. An up.”
It also gave report of world oil demand. It write: “Global oil demand for 2025 is forecast to grow by a healthy 1.4 mb/d, y-o-y, broadly unchanged from the previous month’s assessment.
“The OECD is expected to grow by about 0.1 mb/d, y-o-y, mostly driven by requirements from the Americas, while marginal increases are forecast in OECD Europe and Asia Pacific.
“In the non-OECD region, demand is forecast to increase by a robust 1.3 mb/d, y-o-y, mostly driven by requirements from China, in addition to Other Asia, India, the Middle East and Latin America.
“Growth this year is expected to be driven by transportation fuels on the back of strong air travel demand and healthy road mobility.
“Support is also expected to come from the industrial, construction and agricultural sectors in Non-OECD countries. Similarly, capacity additions and petrochemical margins are expected to continue to contribute to oil demand growth.
In terms of products, jet/kerosene is expected to drive oil demand, followed by gasoline, LPG, diesel and naphtha. “Total world oil demand is anticipated to reach 104.1 mb/d in 1Q25 and average 105.1 mb/d in 2025.
In 2026, global oil demand growth is projected to grow by about 1.4 mb/d, y-o-y, unchanged from the previous month’s assessment. The OECD is forecast to expand by around 0.1 mb/d, largely driven by requirements from OECD Americas.
“In the non-OECD region, oil demand growth is forecast to expand by around 1.3 mb/d, y-o-y, driven by Other Asia, India and China, as well as Latin America and the Middle East.
Total world oil demand is anticipated to average 106.6 mb/d in 2026.”
