Nigeria experienced a significant decline in crude oil production during February 2026 according to the latest data released by the Organisation of the Petroleum Exporting Countries OPEC. The countrys output dropped to an average of 1.31 million barrels per day bpd marking a substantial 10 percent decrease from the 1.45 million bpd recorded in January.

This represents a reduction of approximately 140000 bpd and has resulted in Nigeria once again falling short of its OPEC assigned production quota of 1.5 million bpd by roughly 190000 bpd. The dip highlights ongoing challenges in the Nigerian oil sector including potential issues such as operational disruptions theft pipeline vandalism aging infrastructure and investment shortfalls that have persistently hampered efforts to ramp up production.

Despite being Africas largest oil producer Nigeria has struggled to consistently meet OPEC targets in recent periods which impacts government revenue foreign exchange earnings and overall economic stability given oils critical role in the national budget. In related developments the Nigerian National Petroleum Company Limited NNPC has announced a reduction in petrol pump prices at its retail outlets effective immediately. Petrol is now sold at N1130 per litre in Lagos down from previous levels and N1165 per litre in Abuja reflecting adjustments linked to recent declines in global crude oil prices and supply dynamics from domestic refineries like Dangote.

This price cut of about N100 in Lagos and N95 in Abuja aims to provide some relief to consumers amid fluctuating energy costs though prices remain elevated compared to earlier periods. The simultaneous news of lower oil output and reduced pump prices underscores the complex interplay between production volumes international market trends and domestic fuel pricing policies in Nigeria.

Stakeholders continue to call for urgent reforms investments in security for oil facilities and enhanced exploration to boost sustainable output and stabilize the economy.