Economy
Nigeria’s crude oil output hits 74-month high, beats OPEC quota
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Nigeria’s crude oil production has climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.
Latest figures released on Sunday in Abuja by the Nigerian Upstream Petroleum Regulatory Commission showed that the country’s average crude oil production rose to 1.56 million barrels per day in June 2026, while condensate output stood at 0.18 million barrels per day, bringing total crude oil and condensate production to 1,735,398 barrels per day.
The production level represents 104 per cent of Nigeria’s 1.5 million barrels per day crude oil production quota approved by OPEC and marks the country’s highest crude oil output since April 2020, making it a 74-month high.
The figures, contained in the commission’s latest production report and conveyed in a statement issued by its Head of Media and Corporate Communications, Eniola Akinkuotu, showed that June also marked the fourth consecutive month of production growth, reinforcing the recovery of Nigeria’s upstream oil sector after years of production losses caused by crude theft, pipeline vandalism and operational disruptions.
The statement read, “Nigeria’s crude oil and condensate production soared to an average of 1,735,398 barrels per day in the month of June 2026, representing positive growth for a 4th consecutive month. In the month under review, crude oil production hit 1.56mbpd while 0.18mbpd of condensates was produced. This means Nigeria met 104 per cent of the 1.5mbpd crude oil production quota set by the Organisation of Petroleum Exporting Countries.”
According to the commission, total crude oil and condensate production increased from 1.700 million barrels per day recorded in May to 1.735 million barrels per day in June, representing a 2.2 per cent month-on-month increase.
The report showed that combined production had earlier stood at 1.483 million barrels per day in February before rising steadily to 1.564 million barrels per day in March, 1.663 million barrels per day in April, 1.701 million barrels per day in May and 1.735 million barrels per day in June.
The NUPRC attributed the improved performance to stable production activities across major oil-producing assets and the absence of significant pipeline outages during the review period.
“The improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
“This enhanced operational stability supported improved production uptime and crude evacuation efficiency. Although a limited number of assets experienced short-duration operational shutdowns, the overall impact on national production was minimal.
“In addition, scheduled turnaround maintenance activities were effectively managed and completed without significant disruption to production operations.
“The sustained growth recorded in June reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector,” the statement added.
The commission also disclosed that Nigeria’s highest daily combined crude oil and condensate production during the month reached 1.89 million barrels per day, while the lowest daily production stood at 1.57 million barrels per day.
The peak production level underscores Nigeria’s growing potential to achieve the Federal Government’s medium-term ambition of producing two million barrels of oil per day, a target that has remained elusive for years due to insecurity in oil-producing communities, crude theft and ageing infrastructure.
An analysis of production by export terminals showed that Bonny Terminal retained its position as Nigeria’s highest-producing terminal, recording an average daily production of 318,280 barrels, compared with 293,880 barrels in May.
Forcados Terminal ranked second with 306,360 barrels per day, up from 289,900 barrels recorded in the previous month.
However, production at Qua Iboe Terminal declined to 164,730 barrels per day from 173,360 barrels per day in May.
Similarly, Escravos Terminal recorded a slight increase to 138,030 barrels per day, compared with 135,470 barrels per day in the previous month, while Bonga Terminal maintained steady output, producing 103,660 barrels per day, slightly above the 102,540 barrels per day recorded in May.
The sustained production growth is expected to strengthen Nigeria’s oil export earnings, improve foreign exchange inflows and provide additional fiscal revenues for the Federal Government at a time authorities are seeking to increase crude output and attract fresh investment into the upstream sector.
Nigeria has struggled in recent years to meet its OPEC production allocation because of widespread crude oil theft, pipeline vandalism, underinvestment and prolonged operational challenges.
However, reforms introduced under the Petroleum Industry Act, enhanced security around critical oil infrastructure and closer collaboration between government agencies and oil producers have contributed to the gradual recovery in production.
Maintaining production above the OPEC quota and sustaining operational stability will be critical if Nigeria is to realise its target of producing two million barrels per day and maximise the benefits of favourable global oil market conditions.
The Black Market Dollar-to-Naira Exchange Rate for 1st September 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1390 on Monday, 1st September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1405
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1343
Lowest Rate ₦1320
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at some of its retail outlets in Abuja.
The latest adjustment has pushed the price of petrol at affected NNPCL filling stations to ₦1,345 per litre, representing a ₦75 increase from the previous price of ₦1,270 per litre.
Checks conducted on Monday showed that NNPCL stations in parts of the Federal Capital Territory, including outlets around Gwarinpa and Wuse Zones 4 and 6, were dispensing petrol at the new price.
The increase comes amid a fresh wave of upward adjustments in petrol prices by several marketers across the country.
NNPCL Stations Adjust Pump Price
A staff member of an NNPCL retail outlet, who spoke on condition of anonymity, confirmed that the company had adjusted its pump price on Monday.
“Our petrol pump price was raised to ₦1,345 per litre today (Monday),” the attendant said.
The latest development means motorists who purchase 50 litres of petrol at the affected NNPCL stations will now spend approximately ₦67,250, compared with ₦63,500 under the previous ₦1,270-per-litre price.
The increase is expected to put additional pressure on motorists and other consumers who rely heavily on petrol for transportation and business activities.
Other Marketers Also Increase Prices
The NNPCL adjustment follows similar price reviews by several independent petroleum marketers over the weekend.
Filling stations operated by MRS, Ranoil, Empire Energy and other downstream operators reportedly increased their petrol prices by between ₦20 and ₦80 per litre in different locations.
The varying adjustments highlight the increasingly market-driven nature of petrol pricing in Nigeria, with retail prices differing depending on the marketer, location, supply costs and prevailing market conditions.
Motorists in Abuja and other parts of the country are therefore expected to continue seeing different pump prices from one filling station to another.
Dangote Refinery Raises Ex-Depot Price
The latest pump price increases came after Dangote Refinery reportedly adjusted its ex-depot price for petrol.
The refinery increased its gantry price by ₦65, taking it from the previous level to ₦1,265 per litre.
The ex-depot price is a major component of the cost structure faced by petroleum marketers before transportation, logistics, storage, operational expenses and other charges are added before the product reaches retail filling stations.
An increase at the depot level can consequently result in higher pump prices if marketers pass the additional cost on to consumers.
Rising Petrol Imports Raise Concerns
The latest petrol price adjustments have also emerged amid renewed concerns over the increasing volume of imported petrol entering the Nigerian market.
The development has attracted attention because Nigeria’s domestic refining capacity, particularly following the commencement of operations at the Dangote Refinery, has been expected to reduce the country’s dependence on imported refined petroleum products.
However, petrol imports have continued to account for a significant portion of the country’s total supply.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reportedly showed that imported petrol accounted for 43.3 per cent of total PMS supply in July.
The figure has raised concerns within the domestic refining and downstream petroleum sector.
Dangote Refinery Raises Concern Over Imports
The Dangote Refinery had previously expressed concerns about the increasing volume of imported petrol into Nigeria.
The refinery reportedly threatened to restrict petrol sales to importers and marketers amid what it described as a surge in imported products.
The development has contributed to an ongoing debate over competition, supply sources and pricing within Nigeria’s downstream petroleum industry.
While domestic refiners are seeking to expand their share of the local market, petroleum marketers continue to source products from different suppliers based on prevailing commercial conditions.
What the Latest Increase Means for Nigerians
The latest increase in Abuja is likely to generate concern among motorists and businesses, particularly those already dealing with high operating and transportation costs.
Petrol price movements often have a wider impact on the economy because the product is heavily relied upon for transportation, power generation and the distribution of goods and services.
An increase in pump prices can therefore raise transportation fares and increase the cost of moving food, agricultural produce and other commodities.
For businesses that depend on petrol-powered generators and vehicles, the additional cost could also translate into higher operating expenses.
With NNPCL stations now selling petrol at ₦1,345 per litre in some parts of Abuja, motorists will be watching closely to see whether other filling stations follow with further increases in the coming days.
The latest adjustment also adds to recent concerns that petrol prices could continue rising if depot prices and other supply-related costs remain elevated.
The Nigerian naira is opening the new trading week around the ₦1,300-per-dollar range, with the latest official Nigerian Foreign Exchange Market (NFEM) data showing a closing rate of about ₦1,337.29/$1 at the end of Friday’s session.
According to the Central Bank of Nigeria (CBN), the NFEM rate stood at ₦1,337.2873 per dollar on August 28, while the closing rate was ₦1,337.0000. The official NFEM rate is calculated using a volume-weighted average of transactions in the market.
The naira had strengthened during the previous week, moving from ₦1,349.99/$1 on August 24 to ₦1,337/$1 on August 28, representing an appreciation of about 0.96 percent.
In the parallel market, the dollar was quoted at about ₦1,400 on Friday, according to market data published by AbokiFX. This was ₦7 lower than the ₦1,407/$1 recorded the previous day.
The latest parallel-market rate leaves a gap of roughly ₦63 between the informal market and the official NFEM rate.
Meanwhile, a live indicative USD/NGN rate available early Monday puts the dollar around ₦1,346.78, although this should not be confused with the official NFEM closing rate, which reflects the most recent completed trading session.
Market data also showed continued strength in foreign exchange liquidity. NFEM turnover reached $1.06 billion in one trading session last week, while Nigeria’s foreign reserves continued to provide support for the naira.
For today, Monday, August 31, 2026, the dollar-to-naira rate is therefore around ₦1,337/$1 at the latest official NFEM close, while the parallel-market rate is around ₦1,400/$1. Rates may change as trading activity resumes and demand and supply conditions evolve.
It is important to note that rates offered by banks, Bureau de Change operators and other dealers may differ from the published NFEM and parallel-market reference rates because of transaction margins and market conditions.
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