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Nigeria’s crude oil production rises by 7.6%, as global carbon pricing revenue tops $107bn
Nigeria’s crude oil production increased by 7.66 percent in April 2026, representing a rise from 1.383 million barrels per day (bpd) recorded in March to 1.489 million bpd in April 2026, according to the Organisation of the Petroleum Exporting Countries (OPEC) Monthly Oil Market report for May 2026.
The report said this increase in crude oil production reflects a gradual improvement in Nigeria’s oil sector.
However, despite the modest improvement, the country’s output remained 0.73 percent below Nigeria’s OPEC quota of 1.5 million bpd and 27.72 percent below its national target of 2.06 million bpd, indicating that persistent constraints such as oil theft, pipeline vandalism, and infrastructure limitations continue to affect production levels. Given the sector’s importance to government revenues and foreign exchange earnings, its continued underperformance may weaken fiscal stability and limit the country’s ability to maximise gains in the global oil market.
OPEC advised the Nigerian government, in the report, to improve production sustainability, intensify efforts to secure oil-producing assets and strengthen monitoring systems across major production corridors.
“There is also a need to promote greater upstream investment through a more predictable regulatory environment and faster implementation of sector reforms.
“Furthermore, improving collaboration among regulators, security agencies, oil companies, and host communities will be critical to reducing operational disruptions and supporting long-term growth in crude oil output,” the report read.
Meanwhile, in a related development, the World Bank has disclosed that global revenues generated from carbon pricing mechanisms exceeded $107 billion in 2025.
According to bank’s ‘2026 State and trends of carbon pricing’ report, published recently, annual revenues from emissions trading systems (ETSs) and carbon taxes increased by 2 per cent in 2025, extending a decade-long growth trend that has seen carbon pricing revenues rise from less than $30 billion in 2016 to above $100 billion annually since 2021.
Nigeria’s crude oil production rose by 5.2% in March 2026, according to OPEC—but the bigger picture tells a different story. The country remains significantly below both its OPEC quota and national production target, largely due to persistent issues like oil theft, pipeline vandalism, and ageing infrastructure.
