Nigeria produced an estimated 295.18 million barrels of crude oil and condensate valued at about $28.08bn (approximately N41.74tn) in the first six months of 2026, reflecting a modest recovery from the second half of last year despite a slight decline compared to the corresponding period of 2025.
A comprehensive analysis by The PUNCH of production figures released by the Nigerian Upstream Petroleum Regulatory Commission on Wednesday showed that average crude oil and condensate production stood at 1.63 million barrels per day between January and June 2026.
The production, valued using monthly Bonny Light crude oil prices and converted using the Central Bank of Nigeria’s monthly average official exchange rates, highlights the enormous value of Nigeria’s hydrocarbon resources, even as the country continues to grapple with production challenges, oil theft and fluctuating international crude prices.
The analysis showed that Nigeria’s first-half production increased by 1.93 per cent compared to the estimated 289.59 million barrels produced in the second half of 2025.
However, output remained below the 298.85 million barrels recorded in the first six months of 2025, representing a 1.23 per cent year-on-year decline, indicating that although production has improved in recent months, it has yet to fully recover to last year’s levels.
