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<p>By Yusuf Danjuma Yunusa</p><div class="yiKMFIzR" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Nigeria’s crude oil production, excluding condensate, rose by 35,000 barrels per day (bpd) to 1.573 million bpd in August 2026, from 1.537 million bpd in July, according to the latest data from the Organisation of Petroleum Exporting Countries (OPEC).</p>
<p>The increase, representing a 2.3 per cent month-on-month (MoM) growth, places Nigeria among OPEC members that recorded higher production during the month.</p>
<p>OPEC, in its latest monthly data based on direct communication from member countries, said Nigeria’s August output was its highest monthly production level in the data provided for 2026.</p><div class="x70Ges9Y" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>The August figure also exceeded Nigeria’s average production of 1.552 million bpd in the second quarter of 2026, indicating a gradual improvement in upstream output.</p>
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<p>The development comes amid renewed efforts by the Federal Government and oil producers to boost production through improved security, fresh upstream investments, new projects and the rehabilitation of existing assets.</p>
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<p>Across OPEC, crude oil production increased by 346,000 bpd to 24.081 million bpd in August, from 23.735 million bpd in July.</p>
<p>Iraq recorded the largest increase among OPEC members, with output surging by 664,000 bpd to 3.378 million bpd. Kuwait followed with a 49,000-bpd increase to 1.894 million bpd, while the United Arab Emirates added 54,000 bpd to reach 3.835 million bpd.</p>
<p>Venezuela also increased production by 23,000 bpd to 1.145 million bpd.</p>
<p>However, some major producers recorded declines. Saudi Arabia’s output fell by 75,000 bpd to 7.276 million bpd, while Algeria and Libya declined by 8,000 bpd and 9,000 bpd to 999,000 bpd and 1.355 million bpd respectively.</p>
<p>Iran recorded the largest decline, with production dropping by 399,000 bpd to 2.086 million bpd.</p>
<p>Beyond OPEC, total production by the broader OPEC+ group, comprising OPEC members and participating non-OPEC producers under the Declaration of Cooperation (DoC), rose by 297,000 bpd to 38.055 million bpd in August.</p>
<p>Within the non-OPEC DoC group, Kazakhstan increased production by 159,000 bpd to 1.807 million bpd, while Russia cut output by 160,000 bpd to 8.718 million bpd.</p>
<p>For Nigeria, the latest production increase could provide some relief to government revenue and foreign exchange earnings, given the continued importance of crude oil exports to the economy.</p>
<p>Nigeria has set a target of raising crude oil production towards three million bpd by 2030, making sustained increases essential to achieving the ambition.</p>
<p>However, the country still faces significant challenges, including ageing fields, infrastructure constraints, crude theft, funding difficulties and the need to attract new investment into the upstream sector.</p>
<p>The August performance therefore represents progress, but maintaining the upward trend will be crucial if Nigeria is to close the gap between current production and its ambitious 2030 target.</p>
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