RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigeria Exceeds OPEC Quota for Fifth Month as Crude Output Reaches 1.53 Million bpd

Stephen Akudike by Stephen Akudike
October 14, 2026
in Economy
Reading Time: 2 mins read
A A
0
Oil Prices Waver Near $80 as OPEC+ Meeting Looms and Supply Concerns Persist
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria produced an average of 1.53 million barrels per day of crude oil in September 2026, exceeding its OPEC allocation for the fifth consecutive month. Figures from the Nigerian Upstream Petroleum Regulatory Commission show the volume represented 102 per cent of the country’s 1.5 million barrels-per-day quota.

The September total covers crude oil only and excludes condensates. The performance keeps Nigeria above its OPEC ceiling despite the operational and security challenges that have long constrained the upstream sector.

AlsoRead

Tinubu Defends $21.7 Billion Borrowing Push, Ties Loans to $1 Trillion Economy Goal

Petrol Depot Prices Hit ₦1,349 as Dangote Holds Ex-Gantry Rate at ₦1,210

Tinubu Seeks Senate Nod for $20.52 Billion and €1.05 Billion External Borrowing Plan

Sustained Output Above Ceiling

NUPRC data indicate crude production has remained at or above the quota since May. Output stood at 1.53 million barrels per day in May, rose to 1.55 million in June, eased to 1.51 million in July and settled at 1.5 million in August before climbing back to 1.53 million in September.

Combined crude and condensate production averaged 1,717,030 barrels per day in September, a 2.34 per cent increase from the previous month. Daily volumes peaked at 1.84 million barrels and bottomed at 1.68 million barrels during the period.

Operational Stability Supports Gains

The regulator attributed the stronger performance to stable operations across most producing assets and the absence of major pipeline disruptions. Higher production uptime and more efficient crude evacuation helped sustain the rise in output.

NUPRC said the September result also reflected ongoing work by operators and other industry stakeholders to improve operational efficiency, maintain asset integrity and strengthen production reliability across the upstream sector.

Leading Terminals

Forcados Terminal recorded the highest average daily output of crude oil and condensate at 320,320 barrels per day. Bonny Terminal followed with 303,270 barrels per day.

 Implications for the Economy

The five consecutive months of compliance mark a contrast with earlier years when Nigeria frequently fell short of its OPEC targets. Improved asset reliability is supporting higher and more consistent production.

Because oil remains Nigeria’s primary source of foreign-exchange earnings, steadier output is expected to strengthen dollar inflows and expand fiscal room for the federal government. Condensate volumes, while contributing to overall liquids production, are not included in the OPEC quota calculation and therefore carry less weight in compliance assessments.

Tags: #OPECCrudeoilNNPCL
Previous Post

OPay Estimates 57.4% Share of Nigeria’s Digital Loan Disbursements in 2025

Next Post

Dangote Refinery Records N6.29 Trillion Profit in Nine Months as IPO Demand Increases.

Related News

FG Obtain $300 Million World Bank Palliative Loan

Tinubu Defends $21.7 Billion Borrowing Push, Ties Loans to $1 Trillion Economy Goal

by Victoria Attah
October 30, 2026
0

President Bola Tinubu has defended his administration’s planned external borrowing, arguing that loans should be judged by the infrastructure they...

Petrol Prices Surge in West Africa as Nigeria Removes Subsidies.

Petrol Depot Prices Hit ₦1,349 as Dangote Holds Ex-Gantry Rate at ₦1,210

by Akpan Edidong
October 30, 2026
0

Petrol depot prices in major supply hubs have climbed as high as ₦1,349 per litre, while Dangote Petroleum Refinery has...

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Tinubu Seeks Senate Nod for $20.52 Billion and €1.05 Billion External Borrowing Plan

by Victoria Attah
October 28, 2026
0

President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion...

Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

NGX Group Profit Before Tax Jumps 83% to ₦20.6 Billion as Trading Boom Lifts Earnings

by Jide Omodele
October 28, 2026
0

Nigerian Exchange Group Plc reported profit before tax of ₦20.6 billion for the nine months ended 30 September 2026, an...

Next Post
Oil Marketers Dismiss Claims of Dangote Refinery Selling Fuel in Dollars

Dangote Refinery Records N6.29 Trillion Profit in Nine Months as IPO Demand Increases.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FG Obtain $300 Million World Bank Palliative Loan

Tinubu Defends $21.7 Billion Borrowing Push, Ties Loans to $1 Trillion Economy Goal

October 30, 2026
Petrol Prices Surge in West Africa as Nigeria Removes Subsidies.

Petrol Depot Prices Hit ₦1,349 as Dangote Holds Ex-Gantry Rate at ₦1,210

October 30, 2026

Popular Story

  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • OPay Announces New Job Opening for Sales Manager Position

    0 shares
    Share 0 Tweet 0
  • Exchange Rate Gap Widens as Speculation and Dollar Scarcity Pressure Parallel Market

    0 shares
    Share 0 Tweet 0
  • Nigeria loses billions of dollars to prolonged bid rounds

    0 shares
    Share 0 Tweet 0
  • OpenAI Warns Against Unauthorized Equity Sales, Declares Transactions Void

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>