Market News
Oil production reaches 307m barrels in six months – FG - PUNCH
Nigeria produced about 307 million barrels of crude oil and condensate between March and August 2026, according to data from the Nigerian Upstream Petroleum Regulatory Commission.
The figures showed that the country’s combined crude oil and condensate production averaged about 1.67 million barrels per day during the six-month period, with output rising steadily between March and June before declining slightly in July and August.
NUPRC data showed that Nigeria produced 1.56 million barrels per day in March, translating to about 48.49 million barrels for the month.
Production increased to 1.66 million barrels per day in April, resulting in approximately 49.90 million barrels, while May recorded 1.70 million barrels per day, equivalent to about 52.72 million barrels.
The country recorded its highest daily production during the period in June, when combined crude oil and condensate output reached 1.74 million barrels per day. Based on the 30 days in the month, this amounted to about 52.06 million barrels.
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However, production declined in July, when Nigeria recorded 1.67 million barrels per day, translating to about 51.80 million barrels. Output remained around the same level in August, rising marginally to 1.68 million barrels per day and producing approximately 52.01 million barrels.
In total, the monthly figures indicate that Nigeria produced about 306.99 million barrels of crude oil and condensate between March and August.
The data showed that March was the lowest-producing month during the period, while June recorded the highest daily production rate.
The production recovery came after output rose from 1.56 million barrels per day in March to 1.74 million barrels per day in June, an increase of about 171,298 barrels per day.
Although output declined after the June peak, production remained above the March level in both July and August.
The NUPRC figures also showed that crude oil accounted for about 1.50 million barrels per day of the average production during the period, while condensate contributed approximately 180,000 barrels per day.
On an annualised basis, the average combined production rate of about 1.67 million barrels per day would translate to more than 600 million barrels if sustained for 12 months.
The data further indicated that Nigeria’s average crude oil production was in line with its stated Organisation of the Petroleum Exporting Countries quota of 1.50 million barrels per day, representing full compliance with the quota.
The development is significant for Nigeria, whose government relies heavily on crude oil production for foreign exchange earnings and government revenue.
The figures also came as the country continued efforts to raise oil production through measures aimed at tackling crude theft, pipeline vandalism, operational disruptions and other challenges affecting upstream output.
The NUPRC has continued to monitor production from oil fields and operators as Nigeria seeks to increase output and maximise revenue from its petroleum resources.
Overall, the March-August figures showed a sustained improvement in Nigeria’s oil production compared with the March level, although output remained below the June peak in the final two months of the period.
