Nigeria’s Oil Output Rises 5.7% To 1.69m Barrels In October

Nigeria recorded a 5.7 per cent increase in combined crude oil and condensate production in October 2026, with average daily output reaching 1.69 million barrels, despite a slight decline from the previous month.

Data released on Wednesday by the Nigerian Upstream Petroleum Regulatory Commission showed that the country produced 1,687,710 barrels per day during the month, compared with 1,597,199 barrels per day in October 2025.

The latest figure represents an additional 90,511 barrels per day over the same period last year.

However, output fell by approximately 29,000 barrels per day from the 1.72 million barrels recorded in September, representing a month-on-month decrease of 1.7 per cent.

The commission’s report indicated that daily production varied throughout October, reaching a high of 1.79 million barrels per day and dropping to a low of 1.60 million barrels.

For crude oil alone, excluding condensates, Nigeria recorded an average production of 1.51 million barrels per day. This was equivalent to 101 per cent of the 1.5 million barrels per day quota allocated to the country by the Organisation of Petroleum Exporting Countries.

Consequently, Nigeria exceeded its OPEC production limit by approximately 10,000 barrels per day in October.

The development marks the sixth consecutive month that the country has maintained crude production at or above its OPEC quota.

Nigeria produced 1.53 million barrels per day in May, followed by 1.55 million in June, 1.51 million in July, 1.50 million in August and 1.53 million barrels per day in September.

Although October’s crude output declined slightly from the previous month’s 1.53 million barrels per day, it remained above the production benchmark set by the oil cartel.

The October performance followed fluctuating production levels throughout the first 10 months of the year.

Combined crude oil and condensate output averaged about 1.63 million barrels per day in January but dropped to 1.48 million in February.

Production subsequently improved to 1.55 million barrels per day in March and 1.66 million in April.

Output rose further to 1.70 million barrels per day in May before reaching its highest monthly average of approximately 1.74 million barrels in June.

The country later recorded 1.67 million barrels per day in July, 1.68 million in August and 1.72 million in September, before production eased to 1.69 million barrels per day in October.

The figures indicate that production has recovered considerably from February’s low, although output has moderated since reaching its peak in June.

In a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu, the regulator attributed the relatively steady production levels to improved operating conditions in the upstream petroleum industry.

It explained that greater stability in operations had helped oil companies maintain production activities and improve the movement of crude from production facilities to evacuation points.

The commission also said the October figures reflected the contributions of operators and other industry stakeholders towards improving efficiency, protecting oil assets and ensuring consistent production across the upstream sector.

A breakdown of output from major terminals showed that Forcados led production in October with an average of 318,490 barrels per day.

Bonny Terminal followed with 311,020 barrels per day, while Qua Iboe recorded 173,970 barrels daily.

Escravos accounted for 134,670 barrels per day, with Bonga completing the top five at 106,650 barrels per day.

Sustained crude oil production remains vital to Nigeria’s economic outlook because the country relies heavily on petroleum exports for foreign exchange inflows and government income.

The Federal Government has repeatedly stressed the need to increase oil output as part of efforts to boost revenue, build external reserves and meet budgetary commitments.

However, producing above the OPEC quota does not necessarily guarantee higher export proceeds, as earnings are also determined by international oil prices, domestic crude requirements, production expenses and the quantity available for export.