Nigeria, Libya, Venezuela Drag Down OPEC+ Output as Global Oil Prices Slip

Nigeria, Libya, and Venezuela recorded declines in crude oil production in October, falling short of the output targets set by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+.

According to a Reuters report on Tuesday, OPEC’s total crude output increased by only 30,000 barrels per day (bpd) in October — a steep drop from the 330,000 bpd rise recorded in September — despite earlier commitments to boost global supply.

Data from OPEC’s October Monthly Oil Market Report, obtained by Channels Television, revealed that Nigeria’s oil production, which ranged between 1.3 million and 1.4 million bpd from January to June 2025, briefly climbed to 1.5 million bpd in July before slipping back to 1.4 million in August and 1.3 million in September.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, attributed the latest decline to industrial disputes involving the Dangote Refinery and petroleum sector unions — the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

Oil prices weakened further on Wednesday amid global market uncertainty and a stronger U.S. dollar. Brent crude futures fell by 6 cents, or 0.1%, to $64.38 per barrel at 5:08 a.m. WAT — a near two-week low — while U.S. West Texas Intermediate (WTI) dropped by 10 cents (0.17%) to $60.46. The OPEC Basket also slipped 0.26 cents (0.39%) to $66.72 per barrel.

Analysts from ANZ and IG attributed the price decline to a “risk-off” sentiment among investors, who are shifting funds to the U.S. dollar as a safe haven. Further downward pressure came after the American Petroleum Institute reported an increase in U.S. crude inventories for the week ending October 31.

On the supply side, OPEC+ announced plans to raise output by 137,000 bpd in December but stated that it would suspend additional increases in the first quarter of 2026. However, market analysts at LSEG warned that the pause was “unlikely to provide meaningful support” to oil prices in November and December.