Nigeria’s Oil Output Drops 6.3% To 1.627m bpd

•As oil value falls to $67 per barrel

Nigeria’s oil output has declined each year-on-year and month-on-month, falling wanting finances and OPEC targets, whilst costs stay above the Federal Authorities’s benchmark.

Knowledge from the Nigerian Upstream Petroleum Regulatory Fee, NUPRC, confirmed that complete oil production, together with condensate, dropped by 6.3 per cent year-on-year to 1.627 million barrels per day (bpd) in January 2026, from 1.737 million bpd recorded in January 2025.

On a month-on-month foundation, output additionally declined by 5.4 per cent to 1.627 million bpd in January 2026 from 1.544 million bpd in December 2025, in line with the Fee’s newest Nationwide Liquid Hydrocarbon Production Report.

The company disclosed that the bottom and peak mixed crude oil and condensate production in the course of the month.

The company said: “Lowest and peak mixed crude oil and Condensate had been 1.59 million bopd and 1.82 million bopd respectively. The typical crude oil production.”

The efficiency signifies that Nigeria didn’t meet its 2026 finances benchmark of 1.84 million bpd, which can be predicated on an oil value of $64.85 per barrel and an change charge of N1,400 to the greenback.

In the meantime, checks confirmed that international oil costs dipped to about $67 per barrel, down from almost $70 per barrel in latest weeks, amid continued volatility within the worldwide market.

Equally, the Group of the Petroleum Exporting International locations, OPEC, reported that Nigeria’s crude oil production, excluding condensate, fell by 5 per cent year-on-year to 1.459 million bpd in January 2026, in comparison with 1.539 million bpd in January 2025.

OPEC, which doesn’t embody condensate in its crude oil production figures, famous in its February 2026 Month-to-month Oil Market Report that the information had been obtained by way of direct communication with member international locations.

The report additionally confirmed that Nigeria fell wanting its OPEC production quota of 1.5 million bpd for the interval beneath evaluate.

In accordance with the NUPRC, Nigeria at present produces about 196,028 bpd of condensate.