Nigeria's Oil Output Falls 6.3% to 1.627m BPD

Nigeria's oil production has experienced a significant decline of 6.3%, dropping to 1.627 million barrels per day (bpd). This reduction has led to substantial revenue losses totaling N1.76 trillion.

The decrease in output is particularly concerning as it falls short of the 2026 budget benchmark quota established by the Organization of the Petroleum Exporting Countries (OPEC). Despite this downturn, crude prices have remained above the federal government's reference price.

The data regarding the oil output was provided by the Nigerian Upstream Petroleum Regulatory Commission, highlighting the ongoing challenges faced by Nigeria's oil sector amidst fluctuating market conditions.