Nigeria's Refiners Leave $3.13bn Crude Unlifted in Q1 2026

In the first quarter of 2026, domestic refiners in Nigeria failed to lift approximately $3.13 billion worth of crude oil due to ongoing pricing disputes and structural challenges within the crude supply framework. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that while 68.7 million barrels of crude were made available, local refiners managed to lift only 28.5 million barrels, resulting in a conversion rate of 36.46%.

This shortfall of 40.3 million barrels, valued at $3.13 billion, underscores a significant disconnect between crude supply and refinery demand. The data revealed that in January, 25.3 million barrels were offered, but only 9.2 million barrels were lifted, leading to a shortfall of 16.1 million barrels worth approximately $1.09 billion.

February and March also saw similar trends, with significant volumes of crude remaining unutilized. NUPRC attributed these challenges to price disputes and mismatches in crude grades, which hindered transactions and limited refinery utilization, impacting Nigeria's goal of energy self-sufficiency.