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By Ayo Kehinde
According to the latest data from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production fell to 1.31 million barrels per day (bpd) in February 2026, representing a 10.7% decline from 1.45 million bpd in January.
OPEC confirmed that the February production data was obtained through direct communication with Nigerian authorities.
The drop means Nigeria missed its OPEC production quota of 1.5 million barrels per day by about 190,000 barrels per day. But the organization stressed that despite the decline, Nigeria maintained its position as Africa’s largest oil producer, overtaking Libya, which produced 1.28 million barrels per day.
However, secondary sources suggested February production slightly higher at 1.46 million barrels per day, marking a decline of 0.68% from January’s 1.47 million barrels per day.
OPEC data also showed member countries’ total crude production averaged 42.72 million barrels per day in February, up 445,000 barrels per day month-on-month, reflecting global supply growth despite regional challenges.
Historically, Nigeria’s crude oil production has fluctuated between 1.3 and 1.7 million barrels per day, reflecting both domestic challenges and adjustments to OPEC quotas. Geopolitical tensions in the Middle East have further complicated the outlook. On March 2, OPEC and its allies agreed to increase oil production by 206,000 barrels per day starting in April to stabilize global markets.
Crude oil prices rose above $100 a barrel on March 9 amid conflicts involving the United States, Israel and Iran, before retreating to $87 a barrel the following day. Brent crude oil was trading at around $100 a barrel on Thursday, March 12.
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