# Nigeria keeps OPEC quota for sixth month, but global oil glut threatens earnings

> Nigeria produced an average of 1.51 million barrels of crude per day in October, equal to 101 percent of its OPEC allocation. The IEA projected that global oil supply would exceed demand by 1.7 million barrels per day in the fourth quarter of 2026.

- Date: 2026-11-14 · published 2026-11-15T06:15:13.031Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/100810-nigeria-keeps-opec-quota-for-sixth-month-but-global-oil-glut-threatens-earnings
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A projected global supply surplus points to softer crude prices, which lowers diesel and energy costs for feed mills and freight.

## Read by commodity

- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-12-03 | [Oil drops for sixth straight week as Omicron jolts markets \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/6302-oil-drops-for-sixth-straight-week-as-omicron-jolts-markets-opec-news-al-jazeera.md) | +5.9% | +12.6% |
| BRENT | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | -1.2% | -25.9% |
| BRENT | 2021-08-31 | [Oil prices near biggest monthly loss since October before OPEC meets](https://feedsoft.ai/events/45722-oil-prices-near-biggest-monthly-loss-since-october-before-opec-meets.md) | -0.4% | +8.7% |
| BRENT | 2018-11-21 | [Here's What's Going On With Global Oil Markets : NPR](https://feedsoft.ai/events/10586-here-s-what-s-going-on-with-global-oil-markets-npr.md) | -3.4% | -10.1% |
| BRENT | 2025-09-29 | [Talk of OPEC+ output quota increase sets crude prices up for their biggest daily loss since June - MarketWatch](https://feedsoft.ai/events/23041-talk-of-opec-output-quota-increase-sets-crude-prices-up-for-their-biggest-daily.md) | -7.5% | -6.8% |

## Sources

- centuryherald.com: https://centuryherald.com/nigeria-keeps-opec-quota-for-sixth-month-but-global-oil-glut-threatens-earnings/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.