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Nigeria Misses OPEC Quota, Produces 1.38m bpd in March
🇳🇬 Nigeria /Economy & Trade

Nigeria Misses OPEC Quota, Produces 1.38m bpd in March

From Vanguard · (2d ago) English

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • Nigeria's crude oil production in March 2026 reached 1.38 million barrels per day (bpd), an increase from February's 1.31 million bpd, according to OPEC.
  • Despite the rise, Nigeria fell short of its OPEC quota of 1.5 million bpd and its 2026 budget benchmark.
  • Industry stakeholders have outlined a plan to boost Nigeria's production to 3 million bpd by 2030 through regulatory reforms, investment, and infrastructure development.

Nigeria's crude oil output saw a marginal increase in March 2026, reaching 1.38 million barrels per day (bpd), up from 1.31 million bpd in February, as reported by OPEC. However, this figure still falls short of Nigeria's allocated OPEC production quota of 1.5 million bpd and its ambitious 2026 budget benchmark of 1.84 million bpd, which includes condensate. Despite not meeting these targets, Nigeria maintained its status as Africa's leading oil producer, surpassing Libya's output of 1.30 million bpd during the same period.

the 3mbpd target by 2030 is achievable under the current policy direction

— Mrs. Oritsemeyiwa EyesanThe Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expressed confidence in achieving the production target.

In response to these production levels, industry regulators and operators have collaboratively developed a roadmap aimed at significantly boosting Nigeria's crude oil production to three million bpd by the year 2030. This strategic initiative hinges on sustained regulatory reforms, attracting increased investment, embracing digitalization, and undertaking critical infrastructure development.

the Petroleum Industry Act (PIA) 2021 has repositioned the upstream sector through a regulatory framework anchored on certainty, transparency, and performance, helping to restore investor confidence

— Mrs. Oritsemeyiwa EyesanEyesan highlighted the positive impact of the PIA 2021 on the upstream sector and investor confidence.

Mrs. Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), expressed optimism that the 3mbpd target is achievable under the current policy direction. She noted that this goal builds upon a near-term objective of two million bpd by 2027 and depends on creating frameworks that attract capital, foster innovation, and enable digital oilfield operations. Eyesan highlighted the Petroleum Industry Act (PIA) 2021 as a key factor in repositioning the upstream sector, enhancing investor confidence through certainty, transparency, and performance-based regulations. Recent projects unlocking over $10 billion in investments serve as testaments to the impact of clear policies and streamlined approvals.

digital transformation, including real-time data systems, predictive maintenance, and advanced analytics, would play a critical role in reducing costs, minimising downtime, and boosting output

— Mrs. Oritsemeyiwa EyesanEyesan emphasized the role of digital transformation in enhancing oil production efficiency.
DistantNews Editorial

Originally published by Vanguard in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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