NNPC's Production Goals
Bashir Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has expressed confidence in Nigeria's ability to ramp up oil production by approximately 100,000 barrels per day in the coming months.
In an interview with Reuters at the CERAWeek conference in Houston, Bayo Ojulari discussed Nigeria's potential contribution to global oil supply, especially in light of the U.S.-Israeli conflict with Iran.
Nigeria aims to increase its daily oil production from the 2025 average of 1.6-1.7 million barrels to 1.8 million barrels in 2026.
"We are building that capacity," stated Ojulari, acknowledging that Nigeria's production capabilities are not on par with top OPEC producers like Saudi Arabia.
NNPC's Strategic Review
The NNPC CEO also revealed that the company has completed a comprehensive review of its business portfolio and is now implementing strategic changes.
A key focus is on improving project execution and ensuring timely and budget-conscious delivery, addressing past delays.
Production Shortfalls and Global Market Context
This announcement comes after Nigeria experienced a significant crude oil and condensate production shortfall in January and February of 2026, totaling around 16.6 million barrels, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data.
The country's actual production fell short of the government's budgeted targets, with a daily deficit of roughly 210,000 barrels per day in January and a widening gap of 360,000 barrels per day in February.
Despite these shortfalls, global oil prices have been on the rise, with Brent crude surpassing $100 per barrel. This presents an opportunity for oil-producing nations to enhance their revenues, especially when combined with increased output.
However, market volatility was evident as prices fluctuated in response to geopolitical developments, including the U.S.-Iran tensions and subsequent negotiations.