Nigeria’s oil output, including Condensate, has dropped month-on-month (MoM) by 9 per cent to 1.483 million barrels per day (bpd) in February 2026 from 1.627 million bpd in January 2026.
According to the report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released on Tuesday on Crude Oil and Condensate production, the Nigerian output dropped to 1.483 million bpd in February 2026 from 1.671 million bpd in the corresponding period of 2025, indicating a decrease of 11 per cent.
The report stated: “Lowest and Peak Combined crude oil and Condensate were 1.52 million bopd and 1.82 million bopd respectively. The average crude oil production represents 95% of OPEC quota (1.5 mbpd).
“Daily average production was 1,544,345 barrels per day, comprising both Crude oil (1,421,960 bopd) and condensate (122,385 bopd).”
Although the Commission did not state the cause of the continued slide in Nigeria’s oil output, but an industry leader that pleaded to be anonymous attributed it to aged facilities and oil theft.
“With the one million programme of the NUPRC, we expected oil output to be rising at this time. The slide in production must be due to many factors, including aged facilities and oil theft in the Niger Delta,” it said.
However, the development showed that Nigeria did not meet its 1.8 million bpd target of the 2026 budget even though the oil price has remained high at over $100 per barrel.
Nigeria’s 2026 budget is anchored on conservative assumptions, including a crude oil benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of N1,400 to the dollar.
GIK/APA