By Onyeanya Ebere Immaculata
Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.
Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.
NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.
Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.
Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.
OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.
