OPEC

A statement issued by the Head of Media and Corporate Communications at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, said the August figure represented a 0.4 per cent increase from the previous month.

The figures, contained in OPEC’s September 2026 Monthly Oil Market Report, showed that Nigeria’s crude production averaged 1.50 million barrels per day (mbpd) in August, compared with 1.505mbpd in July.

Nigeria’s crude oil production remained above 1.5 million barrels per day for the third consecutive month in July despite a 50,000bpd decline from June. OPEC data showed Q2 output averaged 1.525 million bpd, up from 1.388 million bpd...

OPEC+ approves a fresh 188,000 barrels per day oil production increase for September, completing the rollback of a key layer of 2023 supply cuts aimed at stabilising the global crude market. The latest adjustment marks the fourth consecutive...

July 06, (THEWILL) — The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has approved a fresh 188,000 barrels per day (bpd) increase in oil production quotas for August, extending its phased supply restoration strategy as...

June 15, (THEWILL) — Nigeria recorded an estimated $17.78 billion in gross crude oil revenue between February and May 2026, generating a net windfall of $6.51 billion (about ₦9.77 trillion) above the Federal Government’s 2026 budget benchmark oil price...

May 15, (THEWILL) — Pipeline Infrastructure Nigeria Limited (PINL), a surveillance firm securing Nigeria oil facilities in four Niger Delta state, namely Bayelsa, Rivers, Imo and Abia, says with optimism that the Nigerian oil and gas industry can meet...

May 14, (THEWILL) — Key members of OPEC+ are preparing to press ahead with gradual oil production quota increases in a bid to fully restore the 1.65 million barrels per day (bpd) cuts introduced in 2023 by the end...

May 04, (THEWILL) — Despite holding one of Africa’s largest crude oil reserves, Nigeria continues to underperform its production potential, highlighting deep structural weaknesses in the sector, according to recent data from the Organisation of the Petroleum Exporting Countries...

April 14, (THEWILL) — Nigeria’s crude oil production remained below its quota set by the Organisation of the Petroleum Exporting Countries (OPEC), extending a streak of underperformance to eight consecutive months. According to OPEC’s April Monthly Oil Market Report, the...