Nigeria Exceeds OPEC Quota as Oil Output Hits 11-Month High

Nigeria's oil and condensate production surged to an 11-month high in May, surpassing the country's 1.5 million barrels per day production quota set by the Organization of the Petroleum Exporting Countries (OPEC). This development is poised to enhance government revenues and bolster foreign exchange earnings. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data reveals that crude oil production averaged 1.53 million barrels per day, supplemented by 170,446 bpd of condensates, bringing the total combined output to 1.70 million bpd. This achievement solidifies Nigeria's standing as Africa's largest oil producer. The crude oil output represented 102% of Nigeria's OPEC allocation, a significant rise given that oil remains the nation's primary source of export earnings and a crucial contributor to government revenue. Increased production translates to more barrels available for export, potentially boosting dollar inflows and improving the country's fiscal health, especially with international oil prices hovering around $100 per barrel. Meeting the OPEC quota signals a continued recovery in Nigeria's oil sector, which has grappled with production disruptions from crude theft, pipeline vandalism, and underinvestment. Sustaining this momentum, however, remains a challenge. The May 2026 production figures mark the highest recorded since July 2025, when output reached 1.712 million bpd. In terms of crude oil alone, excluding condensates, the May figure represents a 15-month high, last seen in January 2025. Month-on-month, production climbed by 2.77% in May from 1.48 million bpd in April. The broader trend over the last five months shows sustained growth, with combined output increasing from 1.48 million bpd in February to 1.7 million bpd in May.