Nigeria produced an estimated 295.18 million barrels of crude oil and condensate valued at about $28.08bn (approximately N41.74tn) between Janu 2026, reflecting a modest recovery from the second half of last year despite a slight decline compared to the corresponding period of 2025.
Figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that average crude oil and condensate production stood at 1.63 million barrels per day between January and June 2026.
The data showed that Nigeria’s first-half production increased by 1.93 per cent compared to the estimated 289.59 million barrels produced in the second half of 2025.
However, output remained below the 298.85 million barrels recorded in the first six months of 2025, representing a 1.23 per cent year-on-year decline.
The data showed that the country produced 50.45 million barrels in January, 41.55 million barrels in February, 48.49 million barrels in March, 49.90 million barrels in April, 52.72 million barrels in May, and 52.06 million barrels in June.
A month-by-month analysis showed that the year kicked off with a solid January performance, averaging 1,627,460 barrels per day over 31 days to yield a monthly total of 50,451,260 barrels. February saw a sharp decline of 8.82 per cent in daily output, dropping to 1,483,940 bpd. February’s total output dipped to 41,550,320 barrels.
In March, daily production climbed 5.40 per cent to 1,564,100 bpd, bringing total output to 48,487,100 barrels. In April, daily production in April jumped 6.35 per cent to 1,663,430 bpd over 30 days, totalling 49,902,900 barrels.
May maintained the momentum, with a 2.25 per cent daily increase to 1,700,800 bpd. Across its 31 days, the month delivered the highest production volume of the half-year at 52,724,800 barrels.
June closed the second quarter on a high note, with daily output rising another 2.03 per cent to 1,735,398 bpd over 30 days, contributing 52,061,940 barrels to the half-year total. The monthly shift in production volumes, coupled with global oil price volatility, heavily impacted revenue generation throughout the first half of the year.
Using the average monthly Bonny Light prices, the estimated gross value of production in dollar terms stood at $3.43bn in January before dropping 12.24 per cent to $3.01bn in February. March recorded a 70.76 per cent surge amid Middle East tensions to $5.14bn, a growth streak that continued into April with a 22.96 per cent increase to a peak of $6.32bn.
However, revenues contracted in the final two months of the half-year, falling 6.01 per cent to $5.94bn in May and declining a further 28.62 per cent to close June at $4.24bn. When converted using the Central Bank of Nigeria’s monthly average exchange rates, the local currency returns mirrored this volatile trajectory.
The estimated gross value in January stood at N5.18tn before declining 12.74 per cent to N4.52tn in February. March recorded a sharp 70.58 per cent increase to N7.71tn, followed by a 21.92 per cent rise in April to a half-year high of N9.40tn.
The valuation then declined in the final two months, sliding 7.02 per cent to N8.74tn in May and dropping another 29.18 per cent to end June at N6.19tn. Altogether, Nigeria’s crude oil and condensate production for the six-month period was worth an estimated N41.74tn, representing the gross market value of crude oil and condensate produced
