Nigeria’s crude oil production, including condensates, recorded a decline of nine per cent month-on-month, falling to 1.483 million barrels per day (bpd) in February 2026 from 1.627 million bpd in January.
The figures were released in the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which also highlighted an 11 per cent year-on-year drop—from 1.671 million bpd in February 2025 to 1.483 million bpd in the same period this year.
According to the commission, combined crude and condensate production fluctuated during the period, reaching a peak of 1.82 million bpd and a low of 1.52 million bpd.
It added that the daily average output stood at 1,544,345 barrels per day, comprising 1,421,960 barrels of crude oil and 122,385 barrels of condensate.
The report noted that this level of crude production represents about 95 per cent of Nigeria’s quota under the Organization of the Petroleum Exporting Countries.
While no official reason was given for the decline, an industry source linked the drop to ongoing oil theft and ageing infrastructure, particularly in the Niger Delta.
The development means Nigeria fell short of its 2026 budget target of 1.8 million bpd, despite global oil prices remaining above $100 per barrel. The budget projections were based on a benchmark oil price of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
Meanwhile, the commission also announced progress in its 2025 Licensing Round, confirming that the pre-qualification stage for 50 oil blocks has been completed.
In a statement signed by its Head of Media and Strategic Communication, Eniola Akinkuotu, the agency said successful applicants have been notified and will now gain access to relevant data for the next phase of the bidding process.
The commission stated that, beginning March 17, 2026, pre-qualified investors would be allowed to lease necessary data to prepare their technical and commercial bids, while also directing applicants to source data only from approved channels and provide proof of payment before proceeding.