Nigeria’s Oil Revenue Slips Despite Production Gains

While production climbed to 1.73 million barrels per day (bpd) in May—up from 1.68 million in April—the uptick in volume failed to offset the cooling effect of lower international prices. Data from the Nigerian Upstream Petroleum Regulatory Commission confirms that the country is now operating at 102% of its OPEC+ quota of 1.5 million bpd, marking a significant recovery for an industry previously plagued by pipeline sabotage and theft.

This sustained growth follows a concerted government crackdown on oil theft within the Niger Delta. Nigeria’s production has steadily climbed from 1.48 million bpd in February, and the state firm remains focused on aggressive expansion. According to Udy Ntia, executive vice president for upstream at NNPC, the company is targeting a production milestone of 2 million bpd within the next two years. In the immediate term, authorities are pushing to add another 100,000 bpd to capitalize on global supply gaps.