March 24, (THEWILL) — Nigeria could raise its crude oil production by an additional 100,000 barrels per day (bpd) in the coming months as efforts to ramp up capacity begin to yield results, according to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari.
Ojulari made this known during an interview with Reuters on the sidelines of the CERAWeek by S&P Global conference held in Houston, USA.
He explained that Nigeria is steadily rebuilding its production capacity, although he acknowledged that the country may not yet rival the output levels of top global oil producers.
According to him, Nigeria recorded an average crude production of between 1.6 million and 1.7 million bpd in the past year. Looking ahead, the country is targeting an average production of 1.8 million bpd in 2026, a goal that reflects ongoing reforms and operational improvements across the oil sector.
Ojulari noted that the anticipated increase in output could also play a role in stabilising global oil supply, particularly at a time of heightened geopolitical tensions. He pointed to ongoing conflicts and uncertainties involving the United States, Israel, and Iran as factors contributing to potential supply disruptions in the international energy market.
The planned boost in production underscores Nigeria’s efforts to strengthen its position in the global oil industry while addressing domestic challenges that have historically constrained output.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
