Nigeria meets OPEC oil quota as August production rises

Nigeria's crude oil and condensate production rose by 0.4% in August 2026, reaching an average of 1,677,777 barrels per day (bpd). This increase allowed the country to meet its OPEC production quota for the fourth consecutive month.

Stripped of condensates, crude oil production averaged 1,500,190 bpd. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) attributed the modest growth to the resolution of operational issues at the Erha field's Single Buoy Mooring (SBM) facility, which had hindered output in July.

Key production terminals included Bonny Terminal, which led with 320.04 kbpd, followed by Forcados Terminal at 317.40 kbpd, Qua Iboe at 171.72 kbpd, Escravos at 131.71 kbpd, and Bonga at 92.50 kbpd. While output is improving, analysts note it remains below the 1.84 million bpd target set in the federal budget.

Separately, the CEO of the Dangote Refinery stated that the facility is operating at full capacity with a daily output of 700,000 barrels. The company plans a $14.3 billion expansion to double capacity to 1.4 million barrels per day by 2029.