Nigeria’s crude oil production, including condensates, fell by nine per cent month-on-month to 1.483 million barrels per day (bpd) in February 2026, down from 1.627 million bpd in January, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported.
According to the latest NUPRC data, this represents an 11 per cent year-on-year decline from 1.671 million bpd recorded in February 2025. The report shows that daily production ranged between 1.52 million bpd at the lowest point and 1.82 million bpd at the peak during the period.
The commission noted that the daily average output was 1,544,345 barrels per day, comprising 1,421,960 barrels of crude oil and 122,385 barrels of condensate. This level of crude production represents roughly 95 per cent of Nigeria’s quota under the Organisation of the Petroleum Exporting Countries (OPEC).
While NUPRC did not specify reasons for the decline, industry sources cited challenges such as ageing infrastructure and oil theft in the Niger Delta region as contributing factors. Analysts noted that the drop in production means Nigeria did not meet the 2026 budget target of 1.8 million bpd, despite global oil prices remaining above $100 per barrel.
The 2026 budget had been prepared with key assumptions of a crude oil benchmark price of $64.85 per barrel, daily production of 1.84 million bpd, and an exchange rate of ₦1,400 to the dollar.
In a related development, the commission announced the completion of the pre-qualification stage for applicants in the 2025 Licensing Round, which covers 50 oil blocks. NUPRC confirmed that successful applicants have been notified and will now have access to relevant data to prepare for technical and commercial bid submissions.
“The Nigerian Upstream Petroleum Regulatory Commission wishes to inform the public that it has completed the pre-qualification stage of the 2025 Licensing Round and has notified successful applicants accordingly,” the commission stated.
Applicants are required to obtain data from approved sources and provide proof of payment before participating in the next phase of the bidding process.
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