Nigeria’s Ongoing OPEC+ Production Shortfall Underscores Supply Uncertainty

Nigeria’s crude output declined in December for the second consecutive month, underscoring ongoing production headwinds that are keeping the country below its OPEC+ target for a fifth straight month. Official data submitted to OPEC show Nigerian production slipped to 1.422 million barrels per day from 1.436 million barrels per day in November, as operational issues and upstream constraints persisted. The shortfall from Africa’s largest oil producer adds to broader supply-side uncertainties in the global market, with potential implications for benchmark prices such as Oil – Brent Crude (CM:BZ) and Oil – US Crude (CM:CL), while shifting expectations for future balance in the crude market.

Over the past month, Brent has advanced about 6.88%, while US crude has risen roughly 6.25%, moves that align with a market increasingly focused on supply discipline and geopolitical risk rather than demand weakness. On a short-term basis, the 1-day technical outlook currently points to a Buy signal for Brent and a Buy signal for US crude, suggesting positive momentum remains intact despite volatility. In contrast, Natural Gas (CM:NG) has dropped about 18.88% over the last month, reflecting ample supply and milder weather patterns in key consuming regions, and its 1-day technical stance is tilted to a Sell, indicating persistent downside pressure. Investors can explore more updates, prices, and analysis across global markets at Commodities.