Nigeria misses OPEC quota, produces 1.38m bpd
By Udeme Akpan, Energy Editor
The Organization of the Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s crude oil output, excluding condensate, rose to 1.38 million barrels per day (bpd) in March 2026, up from 1.31 million bpd recorded in February.
In its March 2026 Monthly Oil Market Report (MOMR), OPEC stated that the figures were based on data obtained through direct communication with Nigerian authorities.
However, data from secondary sources showed that Nigeria’s production stood at 1.46 million bpd in March, compared to 1.44 million bpd in February.
Despite the marginal increase, Nigeria fell short of both its OPEC production quota of 1.5 million bpd and its 2026 budget benchmark of 1.84 million bpd, which includes condensate.
Nonetheless, Nigeria retained its position as Africa’s leading oil producer, ahead of Libya, which recorded output of 1.30 million bpd during the period.
Eyesan added that the Petroleum Industry Act (PIA) 2021 has repositioned the upstream sector through a regulatory framework anchored on certainty, transparency, and performance, helping to restore investor confidence.
According to her, recent projects such as Bonga North, Ubeta, and HI developments—collectively unlocking over $10 billion in investments—demonstrate the impact of clear policies and streamlined approvals.
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