OPEC: Nigeria Crude Oil Output Jumped in October

SEATTLE (Oil Monster): The most recent data released by the Organization of Petroleum Exporting Countries (OPEC) stated that in October of this year, Nigeria's crude oil output increased by almost 35,000 barrels per day (bpd) to 1.085 million bpd.

Nigeria's average crude oil output for October was 1.333 million barrels per day, up 9,000 barrels from the previous month, according to direct communication from the country's officials. According to OPEC's Monthly Oil Market Report, Nigeria produced 1.434 million barrels per day last month, up from 1.399 million barrels per day in September, according to secondary sources.

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OPEC lowered its prediction for the growth of the world's oil demand this year. Furthermore, it reduced its 2025 forecast. The weakened forecast is a reaction to the difficulties that OPEC and its partners, including Russia, are confronting.

The world's oil demand is now predicted by OPEC to increase by 1.82 million barrels per day in 2024, which is less than the 1.93 million growth prediction made last month. OPEC also reduced its forecast for global demand growth in 2025 from 1.64 million barrels per day to 1.54 million barrels per day. It is still greater, though, than the International Energy Agency's (IEA) previously released, considerably lower projections.