Nigeria is losing an estimated $21 million daily as crude oil production remains below its 1.5 million barrels-per-day target set by the Organization of the Petroleum Exporting Countries (OPEC). Averaging 1.42–1.45 million barrels per day, the shortfall is straining the national budget and foreign exchange reserves despite crude prices above $100 per barrel.
Thursday, March 19, 2026
Nigeria loses $21 million daily as oil output falls below OPEC target
Nigeria is losing an estimated $21 million daily as crude oil production remains below its 1.5 million barrels-per-day target set by the Organization of the Petroleum Exporting Countries (OPEC). Averaging 1.42–1.45 million barrels per day, the shortfall is straining the national budget and foreign exchange reserves despite crude prices above $100 per barrel.
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