Nigeria hits OPEC quota again, but oil output still trails budget target
Nigeria maintained compliance with its Organization of the Petroleum Exporting Countries (OPEC) production quota for the fourth consecutive month in August 2026, as crude oil output recorded a modest increase compared to the previous month. The post Nigeria hits OPEC quota again, but oil output still trails budget target appeared first on Nairametrics .
In August 2026, Nigeria continued to produce oil at a rate that met its Organization of the Petroleum Exporting Countries (OPEC) quota for the fourth consecutive month. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country's average daily crude oil and condensate production was 1,677,777 barrels, marking a 0.4% increase from July's production.
Excluding condensates, Nigeria's average daily crude oil output was 1,500,190 barrels, which met the OPEC quota. The regulator reported that the production ranged between 1.64 million and 1.71 million barrels per day during the review period. The restoration of normal production and evacuation activities at assets contributed to the growth in August, highlighting the importance of timely intervention, efficient asset management, and collaboration among industry stakeholders.
Nigeria's performance surpassed several African peers, including Libya and Algeria. However, despite consistently meeting its OPEC quota, Nigeria's production still falls short of the assumptions in the Federal Government's 2026 budget. To improve government oil revenues, addressing operational constraints, reducing crude theft, and accelerating investments in upstream assets are crucial steps.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.