In January 2025, the Organization of the Petroleum Exporting Countries (OPEC) experienced a decline in oil production for the second consecutive month. According to a Reuters survey, OPEC's output decreased by 50,000 barrels per day (bpd), bringing total production to 26.53 million bpd. This reduction was primarily driven by significant decreases in exports from Nigeria and Iran, each contributing a 60,000 bpd decline.
 

In Nigeria, the drop in production was largely due to reduced exports. However, domestic consumption is on the rise as the Dangote refinery continues to ramp up its operations.
 

Iran, despite reaching its highest output since 2018 last year, faced a similar decline of 60,000 bpd. Analysts suggest that this downturn may be influenced by the anticipation of tighter sanctions from the U.S. administration
 

Conversely, the United Arab Emirates (UAE) saw an increase in production by 90,000 bpd. This rise is attributed to the completion of partial field maintenance that had previously curtailed output in December. 
 

Libya also reported a production increase of 40,000 bpd, following the resolution of a dispute over control of the central bank that had previously led to production cuts.
 

The broader OPEC+ alliance has maintained production cuts until the end of March due to concerns over global demand and rising output from non-OPEC producers. However, the group plans to begin increasing production starting in April.