Nigeria's Oil Production Hits 1.401M bpd in October, Fails OPEC Quota for Third Month

Nigeria's crude oil production hit 1.401 million barrels per day in October, failing to meet its OPEC-assigned quota for the third month in a row. The country's struggle to sustain production recovery despite new investments and government interventions in the upstream sector is highlighted.

Global oil supply exceeded demand by 500,000 barrels per day in October, with Nigeria's inability to meet quotas posing challenges to its foreign exchange earnings. The Minister of State for Petroleum, Heineken Lokpobiri, announced plans to formally request OPEC to raise Nigeria's production quota to 2 million barrels per day.