The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Speaking with Reuters on the sidelines of the ongoing CERAWeek by S&P Global conference in Houston, the NNPC helmsman, when asked if Nigeria could help make up for the crude shortfall resulting from the US-Israel war on Iran, said the country was working towards it.
His comment comes as the war continued to rage on and affect crude prices as well as liquified natural gas (LNG), particularly due to the restrictions from the Strait of Hormuz.
The country averaged between 1.6 million barrels per day and 1.7 million barrels per day last year and is hoping to average 1.8 million barrels per day this year, but has faced several challenges to production, mainly underinvestment and oil theft.
“We are building that capacity,” he said, though he added, “We are not like Saudi Arabia,” referring to the top OPEC member. “But we can contribute.”
During an onstage interview at the conference, Mr Ojulari said NNPC completed a full portfolio review of its business last year and is beginning to implement changes this year.
He said a crucial focus that the state oil company is working on is to improve execution and ensure projects are delivered on budget and on time.
His comments followed the country recording a combined crude oil and condensate production shortfall of about 16.6 million barrels in January and February of 2026, according to an analysis of data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the data, Nigeria produced a total of 50.5 million barrels of crude oil and condensate in January, while output declined notably in February, with total production dropping to approximately 41.6 million barrels, bringing cumulative output for the two months to 92 million barrels.
Based on the government’s benchmark in the 2026 budget, the country was expected to produce about 57 million barrels in January and 51.5 million barrels in February, to reach about 108.6 million barrels for the period.
The daily production averages provided in the NUPRC report further illustrated the extent of the gap. In January, total liquids output, according to the data, averaged about 1.63 million barrels per day, falling short of the 1.84 million barrels per day target by roughly 210,000 barrels per day.
In the same vein, in February, the shortfall widened significantly, with production averaging about 1.48 million barrels per day, leaving a gap of around 360,000 barrels per day.
According to the report, over the course of the two months, the daily deficits accumulated into the overall shortfall of about 16.6 million barrels, reinforcing the scale of Nigeria’s underperformance relative to its fiscal assumptions.
Crude oil production remained the dominant component of Nigeria’s output in the period under review. In January, crude production averaged 1.46 million barrels per day, before declining to roughly 1.31 million barrels per day in February, dragging down overall output for the month.
On the other hand, condensate production, while significantly smaller in volume, provided some support to total output. It averaged just over 116,000 barrels per day in January and about 122,000 barrels per day in February
