Nigeria’s crude oil production, including condensate, declined by nine per cent month-on-month to 1.483 million barrels per day in February 2026 from 1.627 million bpd recorded in January.
The figures were disclosed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest report on crude oil and condensate production.
The report also showed a year-on-year decline of 11 per cent, with production dropping from 1.671 million bpd in February 2025 to 1.483 million bpd in the same period of 2026.
According to the commission, the lowest and peak combined crude oil and condensate output during the period stood at 1.52 million barrels per day and 1.82 million barrels per day, respectively.
“Daily average production was 1,544,345 barrels per day, comprising both crude oil (1,421,960 bopd) and condensate (122,385 bopd),” the report stated.
It added that the average crude oil production represents about 95 per cent of Nigeria’s quota under the Organization of the Petroleum Exporting Countries.
While the commission did not provide reasons for the decline, an industry source attributed the drop to persistent oil theft and ageing oil facilities.
“With the one million barrels per day programme of the NUPRC, we expected oil output to be rising at this time. The slide in production must be due to many factors, including aged facilities and oil theft in the Niger Delta,” Vanguard quoted the source as stating.
The development indicates that Nigeria fell short of its oil production target of 1.8 million bpd set in the 2026 budget, despite global oil prices remaining above $100 per barrel.
The budget is based on key assumptions, including a crude oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
Meanwhile, the commission announced that it has completed the pre-qualification stage for applicants in the 2025 Licensing Round covering 50 oil blocks.
In a statement signed by its Head of Media and Strategic Communication, Eniola Akinkuotu, the agency said successful applicants have been notified.
“The Nigerian Upstream Petroleum Regulatory Commission wishes to inform the public that it has completed the pre-qualification stage of the 2025 Licensing Round and has notified successful applicants accordingly,” the statement read.
The commission said pre-qualified investors would now be granted access to relevant data to enable them to prepare for technical and commercial bid submissions.
“With the pre-qualification stage now completed, the Commission will, from March 17, 2026, permit successful applicants to lease data in preparation for the technical and commercial bid submissions,” it added.
It further directed applicants to obtain data only from approved sources and provide proof of payment as a condition for participation in the next phase of the bidding process.