Nigeria's Crude Oil Output Surges to $29 Billion in Six Months

Nigeria's crude oil production has shown significant improvement over the past six months. According to data from the Nigerian Upstream Petroleum Regulatory Commission, the country produced approximately 296.5 million barrels of crude oil and condensate between February and July 2026, with a total value of about $29 billion at an estimated average price of around $98 per barrel.

The production figures reveal a generally upward trend in Nigeria's oil output during the period, with April and May witnessing significant increases. The highest average daily production was recorded in June, at 1.735 million barrels per day (bpd), while July saw a slight decline to 1.671 million bpd.

The commission attributed the increase in production to persistent efforts by the government and industry regulators to raise crude output. Despite challenges such as crude theft, pipeline vandalism, ageing infrastructure, operational disruptions, and underinvestment in the upstream sector, Nigeria's oil production has shown a notable improvement, increasing by about 17% between February and June.

The Nigerian Upstream Petroleum Regulatory Commission is exploring the concept of a domestic crude oil and gas swap to reduce costs and increase product availability. The commission's chief executive, Mrs. Oritsemeyiwa Eyesan, emphasized the importance of maintaining investments in upstream assets and addressing operational challenges to sustain production gains.

The improvement in Nigeria's oil production is crucial for the country's fiscal position and external liquidity. With nearly 300 million barrels produced in six months, sustaining production at or above the 1.6 million bpd level will remain critical to achieving higher oil revenues and improving the country's economic outlook.