By Atoyebi Nike
Nigeria, Libya, and Venezuela recorded declines in crude oil production in October, undermining OPEC+ output targets for the month, according to a Reuters report. OPEC’s total production rose by only 30,000 barrels per day in October, far below the 330,000 bpd increase posted in September.
OPEC’s October Monthly Oil Market Report shows Nigeria’s output, which ranged between 1.3 million and 1.4 million bpd earlier in the year, briefly climbed to 1.5 million bpd in July before falling to 1.4 million bpd in August and 1.3 million bpd in September.
NNPC Group CEO Bayo Ojulari attributed the latest setback to a dispute involving the Dangote Refinery and workers’ unions the Nigeria Union of Petroleum and Natural Gas Workers and PENGASSAN.
Global oil prices continued their downward trend on Wednesday as investor sentiment weakened and the U.S. dollar strengthened. Brent crude fell to $64.38 per barrel, while West Texas Intermediate dropped to $60.46. The OPEC Basket also slipped to $66.72 per barrel.
Analysts cited a broad “risk-off” mood in financial markets, the stronger dollar, and reports from the American Petroleum Institute showing rising U.S. crude inventories as key factors dragging prices down.
On the supply side, OPEC+ said it plans to raise production by 137,000 bpd in December but will pause further increases through the first quarter of 2026. Analysts at LSEG, however, warn the pause is unlikely to offer meaningful support to oil prices in November and December.
