Nigeria has missed its OPEC production quota for a seventh consecutive month, squandering a rare opportunity to capitalise on surging crude prices driven by the US-Israeli military strikes on Iran and the shutdown of the Strait of Hormuz, the world's most critical oil artery. Crude output slipped to approximately 1.46 million barrels per day in January 2026, leaving Africa's largest oil producer about 40,000 barrels short of its OPEC+ quota of 1.5 million bpd, a gap that has widened into a chasm of lost revenue just as global markets tighten
Nigeria has missed its OPEC production quota for a seventh consecutive month, squandering a rare opportunity to capitalise on surging crude prices driven by the US-Israeli military strikes on Iran and the shutdown of the Strait of Hormuz, the world's most critical oil artery. Crude output slipped to approximately 1.46 million barrels per day in January 2026, leaving Africa's largest oil producer about 40,000 barrels short of its OPEC+ quota of 1.5 million bpd, a gap that has widened into a chasm of lost revenue just as global markets tighten