Nigeria could raise its crude oil production by approximately 100,000 barrels per day over the next few months, the Group Chief Executive Officer of the Nigerian National Petroleum Company, Bashir Bayo Ojulari, has said, as the country seeks to capitalise on surging global oil demand driven by the Iran war.
Ojulari made the disclosure in an interview with Reuters on the sidelines of the CERAWeek by S&P Global conference in Houston. “We are building that capacity,” he said. “We are not like Saudi Arabia, but we can contribute.”
The increase would bring Nigeria closer to its target of averaging 1.8 million barrels per day in 2026, up from the 1.6 to 1.7 million bpd the country averaged last year. Ojulari said the additional output could help offset supply disruptions linked to the ongoing conflict involving the United States, Israel, and Iran.
The gap between ambition and output
The announcement comes against a difficult production backdrop. Nigeria’s output fell to 1.31 million bpd in February 2026, according to OPEC data, though it had recovered to 1.459 million bpd in January. The Federal Government had set an ambitious 2.6 million bpd benchmark for its 2026 budget before adopting the more conservative 1.8 million bpd figure for planning purposes — a concession to the persistent gap between targets and reality that has long characterised the sector.
NNPC completed a full portfolio review of its operations in 2025 and has since been focused on improving project execution, reducing delays, and ensuring budgetary discipline on capital projects. The company is also targeting at least $30 billion in investment by 2030 and has launched a bid process to sell stakes in some of its oil and gas assets, signalling a push to attract fresh capital and streamline its portfolio. It owns assets both outright and in partnership with international majors, including Shell, Chevron, Eni, and TotalEnergies.
SOURCE: Businessday