According to OPEC’s May 2025 Monthly Oil Report, Nigeria averaged 1.468 million barrels per day (mbpd) of crude oil production in Q1 2025, well below the government’s 2.0mbpd target. Monthly output was 1.465mbpd in February, 1.401mbpd in March, and 1.486mbpd in April. This represents a slight increase from 1.435mbpd in Q4 2024. Meanwhile, total OPEC Declaration of Cooperation (DoC) output rose to 40.92mbpd in April, up 106,000bpd from March.
Global oil demand in 2025 is expected to grow by 1.3mbpd year-on-year, unchanged from the previous forecast.OPEC’s latest report shows Nigeria averaged 1.521 million barrels per day (mbpd) in crude oil production for Q1 2025, with February, March, and April output at 1.540, 1.499, and 1.471 mbpd, respectively. Nigeria remained Africa’s top crude oil exporter.The report also noted a decline in Nigeria’s crude exports to OECD Europe due to rising US exports, while Nigeria’s exports to the US increased despite an overall drop in US crude imports.
In April, US crude imports averaged 5.8mbpd, down 2% from the previous month, with reduced flows from several countries but higher imports from Nigeria and Mexico.Nigeria produced 1.737mbpd and 1.672mbpd of crude oil (including condensates) in January and February 2025, respectively, according to the Ministry of Finance. The 2025 budget targets N21 trillion in oil revenue, half of the projected N40.9 trillion in total FG retained revenue. With total spending set at N54.9 trillion, this results in a record N14.1 trillion fiscal deficit. Brent crude prices, which had dropped below $60 per barrel, have rebounded above $65 as US-China trade tensions ease.
