Nigeria exported an estimated 182.2 million barrels of crude oil valued at N24.02 trillion in the first six months of 2026, as higher international prices boosted the value of shipments even as questions persisted over feedstock supply for domestic refineries.
An analysis of production and export data for January to June showed the exported crude was worth about $17.60 billion, equivalent to N24.02 trillion at an exchange rate of N1,365 to the dollar. Over the same period the country produced roughly 263.65 million barrels with an estimated market value of $25.41 billion, or N34.69 trillion.
The estimates were calculated from average daily production and export volumes for each month, multiplied by the number of days and valued at the corresponding average monthly Bonny Light prices. June figures were based on average daily production of 1.56 million barrels and exports of 1.11 million barrels per day at an average price of $88.24 per barrel.
Monthly Production and Export Trends
Output fluctuated across the half-year. Production reached 45.26 million barrels in January, fell to 36.68 million in February, then recovered to 42.78 million in March, 44.70 million in April and 47.43 million in May, with June estimated at 46.80 million barrels.
Exports followed a similar pattern: 31.31 million barrels in January, 24.08 million in February, 28.83 million in March, 31.20 million in April, 33.48 million in May and 33.30 million in June.
The value of crude produced was estimated at $3.08 billion in January, $2.65 billion in February, $4.54 billion in March, $5.67 billion in April, $5.34 billion in May and $4.13 billion in June, for a cumulative $25.41 billion. Export earnings were put at $2.13 billion, $1.74 billion, $3.06 billion, $3.95 billion, $3.77 billion and $2.94 billion respectively, totalling about $17.60 billion.
Both international and indigenous producers, including the Nigerian National Petroleum Company Limited, shipped the crude, underscoring the continued importance of oil exports as Nigeria’s primary source of foreign exchange.
Average daily production improved after the February dip, rising from 1.46 million barrels per day in January to 1.56 million barrels per day in June after falling to 1.31 million barrels per day in February. Average daily exports increased from 1.01 million barrels per day in January to 1.11 million barrels per day in June, despite a February low of 860,000 barrels per day.
Overall, Nigeria exported about 69 per cent of the crude it produced in the first half, leaving approximately 81.45 million barrels available for domestic refining, storage, operational use and inventory adjustments.
Price Surge Drives Value
The rise in export earnings was driven largely by stronger international crude prices rather than higher volumes. Prices climbed between March and May amid geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz. Although prices eased in June, they remained above levels recorded at the start of the year, supporting the overall value of Nigeria’s crude exports.
The estimated figures represent the gross market value of the oil produced and exported. They do not reflect actual revenue accruing to the government, which is affected by production-sharing contracts, royalties, taxes, operating costs, domestic crude supply obligations and other commercial arrangements.
Domestic Refining Concerns Persist
The strong export performance comes against ongoing worries about crude availability for local refineries. Stakeholders have argued that producers continue to prioritise exports because of higher returns, despite the Domestic Crude Supply Obligation contained in the Petroleum Industry Act.
Dangote Petroleum Refinery has accused the Federal Government and its agencies of frustrating local refining by failing to ensure adequate crude supply, claiming that poor implementation of the Domestic Crude Supply Obligation has affected its operations. The refinery temporarily suspended the sale of petrol in naira, directing marketers to pay in dollars before later reverting to naira transactions.
In court documents filed at the Federal High Court in Lagos, the refinery stated that its operations depend on crude supply arrangements with the NNPC and argued that inadequate domestic allocation was harming its refining business. The Federal Government has denied the allegations.
Eche Idoko, Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, said most modular refineries obtain crude directly from private oil producers rather than through government allocations. He called on the Federal Government to fully enforce the Domestic Crude Supply Obligation to guarantee sufficient feedstock for local refineries while still sustaining national production and export targets.
