Nigeria’s Oil Output Declines 6.3% to 1.627 Million bpd in January 2026
Nigeria's oil sector faced renewed headwinds in the opening month of 2026, with total liquid hydrocarbon production dropping to an average of 1.627 million barrels per day (bpd), a 6.3% decline from the 1.737 million bpd recorded in January 2025. According to the latest National Liquid Hydrocarbon Production Report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the figure also represents a 5.4% month-on-month decrease from December 2025's 1.544 million bpd. The downturn underscores ongoing production challenges, including theft, sabotage, and infrastructure limitations, which have prevented Nigeria from consistently meeting domestic budget assumptions and OPEC quotas. The 2026 national budget projects an average production of 1.84 million bpd at a benchmark price of $64.85 per barrel. January's output fell well short of this target, potentially straining federal revenues and increasing reliance on borrowing or other fiscal measures. Compounding the is...