Nigeria’s average daily crude oil production fell to 1.5 million barrels per day (bpd) in August, data from the Organization of the Petroleum Exporting Countries (OPEC) shows.
The figure indicates that Nigeria met its OPEC production
quota of 1.5 million bpd for the fourth consecutive month in 2026.
The country recorded 1.505 million bpd in July, 1.55 million
bpd in June and 1.53 million bpd in May, according to OPEC.
Although Nigeria met its quota in August, the output
represents a 0.33 percent decline from the 1.505 million bpd recorded in July.
In its latest monthly oil market report released on
Thursday, OPEC said the August production figure was obtained through direct
communication with Nigerian authorities.
The cartel said it sources crude oil production data from
direct communication with member countries and secondary sources, including
energy intelligence platforms.
The report further showed Nigeria retained its position as
Africa’s leading oil producer, with Libya ranking second at 1.39 million bpd
and Algeria third at 1 million bpd.
The group said data from secondary sources put Nigeria’s
crude oil production at 1.57 million bpd in August, representing a 2.61 percent
increase from the 1.53 million bpd recorded in July.
Higher oil production in the country could boost foreign
exchange earnings, particularly as crude prices have increased above $100 a
barrel amid disruptions to oil shipments linked to the US-Iran conflict.
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