Nigeria's Oil Production Drops 11% Year-on-Year in 2026

According to a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria's crude oil production, including condensates, has experienced an 11% year-on-year decline, falling to 1.483 million barrels per day (bpd) in February 2026 from 1.671 million bpd in February 2025. The report indicates that the lowest combined output during this period was 1.52 million bpd, while the highest was 1.82 million bpd.

The decline is attributed to persistent oil theft, with industry sources noting that Nigeria has fallen short of its oil production target of 1.8 million bpd set in the 2026 budget, despite global oil prices remaining above $100 per barrel. Additionally, the NUPRC announced the completion of the pre-qualification stage for the 2025 licensing round, which covers 50 oil blocks.

A statement from Eniola Akinkuotu, the head of media strategy and communications at NUPRC, confirmed that successful applicants will be notified and granted access to relevant data for technical and commercial bid submissions.