Nigeria produced an estimated 295.18 million barrels of crude oil and condensate valued at about $28.08 billion (approximately N41.74 trillion) in the first six months of 2026, according to production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
An analysis of the commission’s figures showed that average crude oil and condensate production stood at 1.63 million barrels per day between January and June 2026.
Using monthly Bonny Light crude oil prices and the Central Bank of Nigeria’s monthly average official exchange rates, the estimated gross value of the country’s hydrocarbon production during the six-month period was put at N41.74 trillion.
Production during the first half of 2026 represented a 1.93 per cent increase over the estimated 289.59 million barrels produced in the second half of 2025. However, it was 1.23 per cent lower than the 298.85 million barrels recorded in the corresponding period of 2025.
The NUPRC data showed that Nigeria produced 50.45 million barrels in January, 41.55 million barrels in February, 48.49 million barrels in March, 49.90 million barrels in April, 52.72 million barrels in May and 52.06 million barrels in June.
Average daily production stood at 1.63 million barrels in January before declining to 1.48 million barrels in February. Output increased to 1.56 million barrels per day in March, rose further to 1.66 million barrels per day in April, reached 1.70 million barrels per day in May and averaged 1.74 million barrels per day in June.
Based on average monthly Bonny Light prices, the estimated gross value of production was about $3.43 billion in January, $3.01 billion in February, $5.14 billion in March, $6.32 billion in April, $5.94 billion in May and $4.24 billion in June.
Converted at the Central Bank of Nigeria’s average monthly official exchange rates, the estimated value stood at N5.18 trillion in January, N4.52 trillion in February, N7.71 trillion in March, N9.40 trillion in April, N8.74 trillion in May and N6.19 trillion in June.
The estimated N41.74 trillion represents the gross market value of crude oil and condensate produced during the period and does not reflect the Federal Government’s actual earnings after deductions for production costs, taxes, royalties and contractual obligations.
The gradual increase in production coincided with ongoing efforts by the Federal Government to improve security around oil facilities, reduce crude oil theft and encourage investment in the upstream petroleum sector under the Petroleum Industry Act.
Bonny Light crude averaged $68.05 per barrel in January, $72.33 in February, $106.09 in March, $126.71 in April, $112.63 in May and $81.48 in June.
The NUPRC recently announced that Nigeria’s crude oil production reached its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries (OPEC) production quota for the fourth consecutive month.
Despite the improvement, average production remained below OPEC’s quota for most of the period under review.
The estimated gross value of crude oil and condensate produced in the first half of 2026 accounts for a significant portion of the Federal Government’s projected oil revenue of N60.97 trillion for the 2026 fiscal year.
Commenting on the production performance, the NUPRC attributed the increase to improved operational stability across producing assets and the absence of major pipeline disruptions.
In a statement signed by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu, the NUPRC said June marked the fourth consecutive month of production growth.
According to the commission, stable production operations, improved crude evacuation efficiency and effective management of scheduled maintenance activities contributed to the increase in output.
The commission stated that although a few producing assets experienced short operational shutdowns, the overall impact on national production remained minimal. It added that scheduled turnaround maintenance was completed without significant disruption to production activities.
