Business
Oil output declines to 1.67m barrels
By Udeme Akpan & Obas Esiedesa, Abuja
Nigeria’s daily oil production declined by four per cent in July 2026, to 1.67 million barrels per day (mbpd) from 1.74mbpd recorded in June, according to the latest production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
However, the figures showed that Nigeria sustained production above the 1.5mbpd OPEC quota for the third consecutive month in July.
According to the NUPRC data, the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate during the month, bringing total daily production to 1.67mbpd.
Daily combined crude oil and condensate production peaked at 1.78mbpd during the month, while the lowest output stood at 1.57mbpd.
The July performance followed production of 1.70mbpd in May and 1.74mbpd in June. Earlier in the year, production stood at 1.663mbpd in April, 1.546mbpd in March, 1.483mbpd in February and 1.627mbpd in January.
The NUPRC attributed the July decline to operational challenges at the Erha and Akpo fields, which affected production output during the period under review.
The regulator said the disruptions constrained production volumes and contributed significantly to the reduction in national output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures to maintain production efficiency and minimise the impact of operational constraints.
The latest figures indicate that while Nigeria continues to maintain production above its OPEC quota, operational disruptions at key producing assets remain a factor affecting overall output.
Meanwhile, the Federal Government (FG) is weighing major changes to its crude oil pricing and allocation rules to give domestic refiners, including the 650,000-barrel-per-day Dangote Refinery, better and cheaper access to feedstock.
The proposed reforms to the Domestic Crude Supply Obligation (DCSO) are expected to be discussed this week during a regulator-led review, according to the Crude Oil Refinery-owners Association of Nigeria (CORAN).
CORAN spokesperson, Eche Idoko, said the new proposals were being considered and, if approved, would enable refineries to source crude oil directly from oil and gas producing companies.
In another development, price of Premium Motor Spirit (PMS), also known as petrol, recorded marginal declines at several depots in Lagos, Calabar and Warri on Wednesday, August 12, 2026, while Automotive Gas Oil. (AGO), or diesel, increased at some depots in Lagos and Port Harcourt.
The latest Mid-Day Price Report released by Petroleumprice.ng showed that petrol prices remained relatively stable at a number of major depots but declined at others, indicating continued price adjustments across the downstream petroleum market.
In Lagos, the price of petrol at Dangote Depot fell by N9 to N1,172 per litre from N1,181 previously.
MRS Depot retained its price at N1,167 per litre, while African Terminal, Integrated and Pivot depots maintained their prices at N1,200 per litre.
