Nigeria’s crude oil production remained above the 1.5 million barrels per day (bpd) mark for the third consecutive month in July 2026, even as output slipped from the previous month. According to the latest data from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria produced an average of 1.505 million bpd in July, down from 1.555 million bpd in June.
The 50,000 bpd decline represents a modest setback, but the bigger picture remains encouraging for Nigeria’s oil industry. Production has stayed above 1.5 million bpd since May, a notable improvement from the 1.388 million bpd average recorded in the first quarter of 2026. Nigeria’s second-quarter average also climbed to 1.525 million bpd, showing that crude production has gained momentum compared with previous quarters.
Nigeria also maintained its position as one of Africa’s leading oil producers. OPEC’s July figures put Nigeria ahead of Libya, which produced 1.391 million bpd, and Algeria, which recorded 995,000 bpd. The latest numbers build on Nigeria’s stronger performance in May, when production reached 1.530 million bpd, marking the country’s return above its OPEC production quota after struggling with lower output for much of the previous period.
The improvement in crude production is also coming as Nigeria works to increase the supply of crude to its domestic refineries. NUPRC data showed that local refineries received 53.7 million barrels of crude between April and June 2026, representing 97.4% of the crude and condensate supply targeted for domestic refining during the quarter. Higher crude availability could provide a stronger foundation for Nigeria’s refining ambitions while reducing some of the pressure on the country’s energy supply chain.
Looking ahead, the Federal Government is pushing measures aimed at attracting more investment into the oil and gas sector, including fiscal incentives and faster regulatory approvals. Nigeria currently holds an estimated 37.01 billion barrels of crude oil and condensate reserves, alongside 215.19 trillion cubic feet of natural gas reserves. With the government and NUPRC targeting much higher production in the coming years, the July figures suggest that Nigeria’s oil sector is moving in a more positive direction, although maintaining and increasing output will remain crucial to achieving the country’s long-term target of 3 million bpd by 2030.
source: nairametrics
