Nigeria crude oil production rose by 37,000 barrel per day rising from 1.422million barrel per day (mbpd) in December, 2025 to 1.459 million barrels per day (mbpd) in January, 2026 using direct communication.
This was contained in the OPEC Monthly Oil Market Report for January released on Wednesday.
However, the country failed to reach its quota of 1.5mbpd as approved by the Organisation of Petroleum Exporting Countries (OPEC).
But using secondary sources, Nigeria’s crude oil production fell by 19,000b\d from 1.497mbpd in December 2025 to 1.478mbpd in January 2026.
Giving account of World Oil Supply, OPEC stated: “Non-DoC liquids production (i.e. liquids production from countries not participating in the DoC) is forecast to grow by about 0.6 mb/d to average 54.8 mb/d in 2026, unchanged from last month’s assessment.
“The main drivers of liquids production growth are expected to be Brazil, Canada, the US and Argentina.
“In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d to average 55.4 mb/d. The main drivers for liquids supply growth are expected to be Brazil, Canada, Qatar and Argentina.
“DoC NGLs and non-conventional liquids are forecast to grow by about 0.1 mb/d in 2026 to average 8.8 mb/d. An additional growth of about 0.1 mb/d is expected in 2027, to average 8.9 mb/d. DoC crude oil production in January decreased by 439 tb/d, m-o-m, averaging 42.45 mb/d, as reported by available secondary sources.”
On global oil demand, OPEC wrote: “The global oil demand growth forecast for 2026 remains at a healthy 1.4 mb/d, y-o-y, unchanged from the previous month’s assessment.
“The OECD is expected to grow by about 0.15 mb/d, y-o-y, mostly driven by requirements from the Americas, supported by an uptick from OECD Europe.
“In the non-OECD, demand is forecast to expand by about 1.2 mb/d. Oil demand in the non-OECD is forecast to be mostly driven by requirements from Other Asia, supported by India and China.
“Oil demand growth is expected to be supported by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as healthy industrial, construction, and agricultural activities in non-OECD countries. Similarly, capacity additions and petrochemical margins are expected to continue to contribute to growth.
“In terms of products, gasoline and jet/kerosene are forecast to contribute significantly to world oil demand growth in 2026. Diesel demand is also forecast to demonstrate y-o-y growth.
“Regarding petrochemical feedstock, the demand for NGLs/LPG is anticipated to lead y-o-y growth, with naphtha projected to also increase, y-o-y.
“Demand for the ‘other products’ category is also projected to grow, y-o-y, while demand for residual fuels is expected to weaken slightly, y-o-y.”
