Nigeria’s crude oil production drops to 1.48mbpd in February

…lowest in 21 months

…achieves 88% of OPEC quota

Nigeria’s crude oil and condensate production dipped to 1.48 million barrels per day (mbpd) in February 2026. This represents a 9% decline from the 1.62 mbpd recorded in January, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Report has revealed.

This production dip comes at a delicate time when global oil prices have hovered near $100 per barrel due to geopolitical tensions, meaning Nigeria is missing out on maximizing potential foreign exchange windfalls.

Actual crude oil production in the period stood at 1.31 mbpd, blended condensate stood at 48,740 barrels daily and unblended condensate 121,519 daily, totalling 1.483mbpd.

The report indicated that the lowest and peak combined crude oil and Condensate were 1.41 million bpd and 1.56 million bpd respectively.

The report indicated that the average crude oil production represents 88% of OPEC quota at 1.5 mbpd.

At a total production of 1.483 mbpd, Nigeria recorded the lowest production in 21 months, as production has remained above the current figure since June 2024, when production was 1.49mbpd.

Total crude oil production (including ondensate) had continued on a steady rise reaching since June 2024, reaching 1.557 mbpd in July, 1.580 mbpd in August, 1.556 mbpd in September, 1.533 mbpd in October, 1.698mbpd in November and 1.684mbpd in December 2024.

BusinessDay’s check also showed that production increased to 1.737mbpd in January 2025, but dipped to 1.671mbpd and 1.603mbpd in February and March.

Production picked in April 2025, reaching 1.683 mbpd, 1.657 mbpd on May, 1.697mbpd in June, 1.712mbpd in July and dropped again to 1.631 mbpd in August and September respectively. Production in October stood at 1.581mbpd, 1.597mbpd was recorded in November and 1.599 mbpd in December.