According to data released by the Organisation of Petroleum Exporting Countries (OPEC), Nigeria's crude oil output registered a decrease, reaching 1.31 million barrels per day in February.
In contrast, the Nigerian National Petroleum Company Limited (NNPC) announced a reduction in petrol pump prices, setting them at N1,130 per litre in Lagos and N1,165 in Abuja.
The OPEC monthly report, published on Thursday, indicated that Nigeria's oil production saw a 10.69 per cent decline compared to the 1.45 million bpd recorded in the preceding month.
The oil cartel stated that the production figures were obtained through direct communication with Nigerian governmental bodies.
OPEC typically relies on two primary methods for its crude oil output data: direct reports from member nations and information from secondary sources, which include energy intelligence firms.
The latest statistics reveal that Nigeria did not achieve its production target of 1.5 million bpd, falling short by approximately 190,000 bpd.
Despite this decrease, OPEC's report confirms Nigeria's status as Africa's leading oil producer, surpassing Libya's output of 1.28 million bpd.
When referencing secondary sources, OPEC's data placed Nigeria's crude production at 1.46 million bpd for February, representing a 0.68 per cent decrease from the 1.47 million bpd reported in January.
Data from these secondary sources suggested that the total crude oil production among OPEC member nations averaged 42.72 million barrels per day in February 2026, an increase of 445,000 barrels per day month-on-month.
Earlier, on March 2, OPEC and its allied nations had agreed to increase oil production by 206,000 bpd commencing in April, a decision made amidst rising geopolitical tensions in the Middle East.
The conflict in the Middle East, influenced by the US-Israeli engagement with Iran, had previously caused significant fluctuations in global markets, pushing crude oil prices above $100 per barrel on March 9. This marked the highest point since July 2022, before prices moderated to $87 the following day.
The reduction in crude oil production is expected to impact Nigeria's oil revenues, potentially limiting the country's ability to capitalize on the current surge in global crude oil prices.
Separately, NNPC Limited has revised down the price of petrol at its retail stations. Prices are now N1,130 per litre in Lagos and N1,165 per litre in Abuja.
This represents a price reduction of N100 per litre in Lagos (from N1,230) and N95 per litre in Abuja (from N1,260).
Other fuel retailers have also adjusted their prices downwards, following earlier reductions in gantry and coastal prices announced by Dangote Refinery, which were attributed to a fall in crude oil prices.
Peter Uzoho
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