Nigeria’s crude oil production slipped to 1.31 million barrels per day (bpd) in February, marking a notable decline from 1.45 million bpd recorded in January, according to the Organisation of Petroleum Exporting Countries (OPEC).
The decrease of about 10.7 per cent comes amid ongoing geopolitical tensions in the Middle East, which have caused global oil prices to fluctuate.
The drop means Nigeria fell short of its 1.5 million bpd production quota, missing the target by nearly 190,000 bpd.
Despite the shortfall, the country retained its position as Africa’s leading oil producer, edging out Libya, which posted 1.28 million bpd for the same period.
Secondary sources consulted by OPEC suggested slightly higher output of 1.46 million bpd, reflecting a minor month-on-month decrease of 0.68 per cent.
The February figures underscore the challenges Nigeria faces in meeting production targets.
OPEC and its allies recently agreed to boost output by 206,000 bpd starting April 2026, a move aimed at easing supply pressures in global markets.
The recent spike in crude prices, which briefly surpassed $100 per barrel, was largely driven by the U.S.-Israel conflict with Iran, before settling at $87 per barrel the following day.
Analysts warned that the production dip could limit Nigeria’s ability to fully capitalize on these higher prices.
In an unexpected development, the Nigerian National Petroleum Company Limited (NNPC) announced reductions in petrol pump prices at its retail outlets.
Consumers in Lagos now pay N1,130 per litre, down from N1,230, while Abuja motorists pay N1,165 per litre, down from N1,260.
Other petroleum marketers quickly followed the trend, aligning their retail prices with recent adjustments made by Dangote Refinery at gantry and coastal outlets.
The move comes as a relief for motorists, even as crude production lags behind national quotas.
Officials said the pricing adjustments aim to pass on the benefits of falling crude prices to consumers.
Experts note that sustaining this trend depends on both domestic refinery output and global oil market stability in the coming months.
With OPEC’s planned production increase and Nigeria’s current position as the continent’s top oil producer, stakeholders remain cautiously optimistic.
However, analysts stressed that bridging the gap between crude production and rising demand would require robust infrastructure, policy support, and strict adherence to national production quotas.
