Nigeria’s oil output rises 5.7% to 1.69m barrels daily

Nigeria’s combined crude oil and condensate production rose by 5.7 per cent year-on-year to 1.69 million barrels per day in October 2026, despite a decline from the previous month.

Data released on Wednesday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that production averaged 1,687,710 barrels per day in October, up from 1,597,199 barrels per day recorded in the corresponding period of 2025.

The increase represents an additional 90,511 barrels per day compared with October last year.

However, output declined by 1.7 per cent from the 1.72 million barrels per day recorded in September, representing a drop of approximately 29,000 barrels daily.

The commission’s report showed that daily production fluctuated between 1.60 million and 1.79 million barrels during the month.

Crude oil production, excluding condensates, averaged 1.51 million barrels per day, exceeding Nigeria’s Organisation of Petroleum Exporting Countries quota of 1.5 million barrels per day by approximately 10,000 barrels.

This means Nigeria produced at 101 per cent of its OPEC allocation in October, extending its record of maintaining crude output at or above the quota for six consecutive months.

The country produced 1.53 million barrels per day in May, 1.55 million in June, 1.51 million in July, 1.50 million in August and 1.53 million in September.

Despite the marginal decline in October, production remained above the benchmark allocated by the oil cartel.

The latest figures also showed that combined crude oil and condensate production recovered from an average of 1.48 million barrels per day in February to peak at approximately 1.74 million barrels in June.

Output subsequently moderated to 1.67 million barrels per day in July, 1.68 million in August and 1.72 million in September before declining further in October.

In a statement issued by its Head of Media and Corporate Communications, Eniola Akinkuotu, the commission attributed the relatively stable production levels to improved operating conditions in the upstream petroleum industry.

It said improved operational stability had helped oil companies sustain production and enhance the movement of crude from production facilities to evacuation points.

The regulator also attributed the performance to efforts by operators and other industry stakeholders to improve efficiency, protect oil assets and maintain consistent production across the upstream sector.

A breakdown of production from major terminals showed that Forcados led with an average of 318,490 barrels per day in October.

Bonny Terminal followed with 311,020 barrels per day, while Qua Iboe recorded 173,970 barrels daily.

Escravos accounted for 134,670 barrels per day, while Bonga recorded 106,650 barrels per day.

Oil production remains a major determinant of Nigeria’s fiscal and external sector performance, with crude exports providing a significant source of foreign exchange and government revenue.

The Federal Government has repeatedly emphasised the need to raise production to strengthen public finances, increase external reserves and meet budgetary obligations.

However, production above Nigeria’s OPEC quota does not automatically translate into higher export earnings, as actual revenue also depends on international oil prices, domestic crude requirements, production costs and export volumes.