Nigeria to Boost Oil Output by 100,000 bpd

At the CERAWeek energy conference in Houston, Texas, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, announced plans to increase Nigeria's oil production by approximately 100,000 barrels per day in the coming months, aiming to address recent shortfalls and contribute to global supply needs amid elevated crude prices.

The announcement came as Nigeria grapples with persistent production challenges. Data from the Nigerian Upstream Petroleum Regulatory Commission indicates that the country produced about 92 million barrels of crude oil and condensate in January and February 2026, falling short of the government's budget benchmark by roughly 16.6 million barrels. Output averaged 1.63 million barrels per day in January, 210,000 barrels below the 1.84 million daily target, and declined further to 1.48 million barrels per day in February, widening the gap to 360,000 barrels daily. Crude production, the primary component, dropped from 1.46 million barrels per day in January to 1.31 million barrels in February, while condensate output provided limited offset, averaging around 116,000 to 122,000 barrels per day.