Nigeria's Oil Output Remains Stagnant Despite Rising Prices

Nigeria's crude oil and condensate production remained below the benchmark for the 2026 budget in August, despite a marginal 0.4% increase in output during the month.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country produced an average of 1.68 million barrels per day (mbpd) of crude oil and condensates in August.

The latest performance means Nigeria has continued to struggle to raise production to the level required to fully support the revenue assumptions in the 2026 budget, with output remaining largely stagnant around 1.6mbpd.