By Ayo Kehinde
Nigeria’s crude oil production fell to 1.31 million barrels per day (bpd) in February 2026, representing a 10.7 percent decline from January’s 1.45 million bpd, according to the latest figures from the Organisation of Petroleum Exporting Countries (OPEC).
OPEC confirmed that the February output data were obtained through direct communication with Nigerian authorities.
The decline means Nigeria missed its OPEC production quota of 1.5 million bpd by roughly 190,000 bpd. But the organisation emphasised that despite the drop, Nigeria retained its position as Africa’s largest oil producer, surpassing Libya, which produced 1.28 million bpd.
However, secondary sources suggested slightly higher February output at 1.46 million bpd, marking a 0.68 percent decline from January’s 1.47 million bpd.
OPEC data also showed that total crude production from member countries averaged 42.72 million bpd in February, up 445,000 bpd month-on-month, reflecting growth in global supply despite regional challenges.
Historically, Nigeria’s crude output has fluctuated between 1.3 million and 1.7 million bpd, reflecting both internal challenges and adjustments to OPEC quotas. Geopolitical tensions in the Middle East have further complicated the outlook. On March 2, OPEC and its allies agreed to increase oil production by 206,000 bpd starting in April to stabilise global markets.
Crude prices spiked above $100 per barrel on March 9 amid conflicts involving the United States, Israel, and Iran, before retreating to $87 per barrel the following day. As at Thursday, March 12, Brent crude oil traded around $100 per barrel.
