…Still Below OPEC Quota
Nigeria’s crude oil production fell to 1.31 million barrels per day (bpd) in February 2026, the Organisation of Petroleum Exporting Countries (OPEC) has reported.
The OPEC’s monthly report released on Wednesday indicated that Nigeria’s output in February represented 10.69% decline when compared with the 1.45 million bpd produced in January.
According to the oil cartel revealed that the figures were derived from direct communication with Nigerian authorities, which showed that Nigeria missed its OPEC production quota of 1.5 million bpd, by roughly 190,000 bpd.
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The OPEC maintained that the crude production by the country in the month under review underscored disruptions in Nigeria’s oil sector.
It reported that secondary sources confirmed that Nigeria’s crude production in February was slightly higher at 1.46 million bpd, down by 0.68% from January’s 1.47 million bpd.
The oil cartel noted that despite the shortfall, Nigeria maintained its position as Africa’s leading oil producer, ahead of Libya, which produced 1.28 million bpd.
On a broader scope, the OPEC’s data showed that total crude oil production from its member-countries averaged 42.72 million bpd in the month under review, up 445,000 bpd month-on-month.
Meanwhile, ongoing geopolitical tensions in the Middle East have continued to raise concerns about crude production shortfalls in March and the months ahead.
To close the anticipated shortfall, the OPEC on March 2 and its allies agreed to raise oil production by 206,000 bpd effective from April to stabilize global markets.
Over the past few days, crude oil prices have been hovering around $100 per barrel amid the Middle East conflicts involving the United States, Israel, and Iran as supply from oil-producing countries and shipment are being threatened by the escalating crisis.
For instance, yesterday Iran threatened that it would not allow “a single litre of oil” to pass through the Strait of Hormuz for the benefit of the United States (US), Israel, and their allies.
Spokesperson for Tehran’s Khatam al-Anbiya military, Ebrahim Zolfaqari, who made the forecast at the command headquarters, said oil price will reach $200 a barrel.
The statement comes a day after the US threatened “fire and fury” on Iran if it disrupted the flow of oil.
He said: “And let us firmly reiterate that we will never allow even a single litre of oil to pass through the Strait of Hormuz for the benefit of the US, the Zionists, and their partners.
“Any vessel or oil shipment intended for America, the Zionist regime, or their hostile allies, will be a legitimate target for us.
“Your strategy of hiding behind Iran’s neighbouring countries and the Muslims of the West Asia region, and even the world has expired”, Zolfaqari added.
The military spokesperson cautioned Israel and the US that they will be unable to artificially lower oil and energy prices.
He projected that with the expansion of war in the region, the U.S and Israel “should prepare for $200 per barrel because the price of oil depends on security in the region, and you are the source of insecurity.”
