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Oil Output Hits 1.53mbpd, Highest in 11 Months
Nigeria’s crude oil production rose to 1.53 million barrels per day (mbpd) in May 2026, the highest level since July 2025, according to the latest OPEC Monthly Oil Market Report.
The figure represents a 41,000 bpd increase from April’s 1.489 mbpd, marking Nigeria’s first return above its OPEC quota in nearly a year and boosting its revenue outlook.
OPEC noted that Nigeria’s growth came despite overall production declines among members of the Declaration of Cooperation (DoC), reinforcing its position as Africa’s largest oil producer.
The report showed Nigeria’s output grew by about 2.8% month-on-month, outperforming regional peers such as Libya (1.30 mbpd), Algeria (982,000 bpd), Congo (283,000 bpd), and Gabon (210,000 bpd).
Nigeria last exceeded its OPEC quota in July 2025, when production averaged 1.507 mbpd. Efforts to improve pipeline security and upstream investment have supported the latest recovery.
Despite challenges from oil theft, vandalism, and underinvestment, Nigeria has consistently maintained its lead in Africa’s oil sector.
The government has adopted a 2.6 mbpd benchmark for 2026, though budgeting is based on a more conservative 1.8 mbpd. Sustained growth could strengthen reserves, ease fiscal strain, and improve foreign exchange inflows.
The NUPRC earlier reported that Nigeria supplied 28.5 million barrels to domestic refineries in Q1 2026, far below the allocated 61.9 million barrels, underscoring ongoing operational gaps even as production improves.