Nigeria’s crude oil production, excluding condensates, increased by 35,000 barrels per day (bpd) to 1.573 million bpd in August 2026, up from 1.537 million bpd recorded in July, according to the latest data from the Organisation of Petroleum Exporting Countries (OPEC).
The increase represents a 2.3 per cent month-on-month growth and places Nigeria among OPEC members that recorded higher crude production during the month.
OPEC’s latest monthly report, based on direct communication from member countries, showed that Nigeria’s August production was the country’s highest monthly output level recorded in the data provided for 2026.
The latest figure was also above Nigeria’s average production of 1.552 million bpd in the second quarter of 2026, suggesting a gradual recovery in the country’s upstream oil production.
The improvement comes as the Federal Government and oil companies intensify efforts to increase output through improved security, fresh investments in the upstream sector, new projects and the rehabilitation of existing oil assets.
At the wider OPEC level, crude oil production rose by 346,000 bpd in August to 24.081 million bpd, compared with 23.735 million bpd in July.
Iraq recorded the biggest increase among OPEC members, with its production rising by 664,000 bpd to 3.378 million bpd.
Kuwait’s output increased by 49,000 bpd to 1.894 million bpd, while the United Arab Emirates added 54,000 bpd to reach 3.835 million bpd.
Venezuela also recorded an increase, with production rising by 23,000 bpd to 1.145 million bpd.
However, several major oil producers experienced declines during the month.
Saudi Arabia’s production fell by 75,000 bpd to 7.276 million bpd, while Algeria’s output dropped by 8,000 bpd to 999,000 bpd. Libya also recorded a decline of 9,000 bpd, bringing its production to 1.355 million bpd.
Iran recorded the largest decline among the affected producers, with its output falling by 399,000 bpd to 2.086 million bpd.
Meanwhile, crude production across the broader OPEC+ group, which includes OPEC members and participating non-OPEC producers under the Declaration of Cooperation (DoC), increased by 297,000 bpd to 38.055 million bpd in August.
Among the participating non-OPEC producers, Kazakhstan recorded an increase of 159,000 bpd, taking its production to 1.807 million bpd.
Russia, however, reduced its output by 160,000 bpd to 8.718 million bpd.
For Nigeria, the increase in crude production could provide a boost to government revenue and foreign exchange earnings, given the significant role oil exports continue to play in the country’s economy.
The Federal Government has set an ambition of increasing crude oil production towards three million bpd by 2030. Sustaining the recent improvement will therefore be important if Nigeria is to move closer to that target.
Despite the latest increase, the country continues to face challenges in the upstream sector, including ageing oil fields, infrastructure limitations, crude oil theft, funding constraints and the need to attract fresh investment.
The August production figure represents progress for Nigeria’s oil sector, but maintaining and expanding the growth will be critical to narrowing the gap between current output and the country’s 2030 production ambition.
Source: OPEC
