Nigeria misses OPEC quota, produces 1.38m bpd in March

In March 2026, Nigeria's crude oil production rose to 1.38 million barrels per day, up from 1.31 million bpd in February, but still below the OPEC quota of 1.5 million bpd. Despite this increase, Nigeria did not meet its budget benchmark of 1.84 million bpd. The Nigerian Upstream Petroleum Regulatory Commission announced a plan to boost production to three million bpd by 2030, focusing on regulatory reforms and investments. Recent projects have already unlocked over $10 billion in investments in the sector.