Nigeria has met its crude oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC) for the sixth consecutive month, despite recording a drop in production in October 2026.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria produced an average of 1.69 million barrels of crude oil and condensate per day in October.
The figures were contained in a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu.According to the report, Nigeria’s daily oil production reached a peak of 1.79 million barrels per day, while the lowest output recorded during the month was 1.60 million barrels per day.
However, when condensates were excluded, the country’s average crude oil production stood at 1.51 million barrels per day. This represents about 101 per cent of the 1.5 million barrels per day production quota allocated to Nigeria by OPEC.
Nigeria sustains six-month production target
The October figures mean Nigeria has now met its OPEC production quota for six consecutive months.
The country produced an average of 1.53 million barrels per day in May, 1.55 million barrels per day in June, 1.51 million barrels per day in July, 1.50 million barrels per day in August and 1.53 million barrels per day in September.The commission said the figures reflected efforts by oil companies and other industry players to improve operations, protect oil facilities and ensure steady production.
Nigeria’s oil production outlook
Meanwhile, the Dangote Group has projected that Nigeria’s crude oil production could increase to 1.72 million barrels per day in the fourth quarter of 2026.
The group also expects the country to record an average production of 1.62 million barrels per day for the entire year.
However, the figures remain projections and are yet to be confirmed by actual production data.
In another development, OPEC has reduced its forecast for global oil demand growth in 2026 by more than 70 per cent.
The organisation lowered its projection from 1.4 million barrels per day to 400,000 barrels per day, citing weaker-than-expected demand growth.
