…lauds country’s economic outlook
Nigeria’s crude oil production for April, 2026 increased 106,000 barrels per day but still failed to meet 1.5million barrels per day quota set by the Organisation of Petroleum Exporting Countries (OPEC). This was contained in the direct communication of OPEC’s Monthly Oil Market Report (MOMR) for April published yesterday.
Using direct communication, Nigeria’s production increased from 1.383mbpd in March to 1.489mbpd in April, an increase of 106,000b/d; United Arab Emirate (UAE) crude oil supply increased by 113,000b/d from 1.908mbpd in March to 2.021mbpd; Venezuela’s supply increased by 40,000b/d from 1.095mbpd in March to 1.136mbpd in April;Libya from 1.303mbpd in March to 1.385mbpd to April, an increase of 82,000b/d;Saudi Arabia’s production fell from 7.763mbpd in March to 6.879mbpd in April, a decrease of 884,000b/d; Kuwait,from 1.200mbpd in March to 562,000b/d, a decrease of 638,000b/d; and Iraq from 1.906mbpd in March to 1.494mbpd in April, a decrease of 412,000b/d. But using secondary sources, OPEC said: “Total DoC crude oil production averaged 33.19 mb/d in April 2026, which is 1.74 mb/d lower, Month-on-Month (mo-m).
According to secondary sources, Nigeria’s oil production increased by 37,000b\d from 1.449mbpd to 1.486mbpd; Libya from 1.252mbpd to 1.307mbpd,an increase of 55,000b/d; Kuwait, 1.160mbpd to 600,000b/d, a decrease of 561,000b/d; Iraq, 1.679mbpd to 1.389mbpd, a decrease of 291,000b/d; IR Iran from 3.065mbpd to 2.854mbpd, a decrease of 211,000b/d; Saudi Arabia, 7.726mbpd to 6.768mbpd, a decrease of 958,000b/d; UAE, from 1.892mbpd to 2.023mbpd, an increase of 131,000b/d; and Venezuela,from 985,000b\d to 1.031mbpd, an increase of 46,000b/d.
MOMR revealed that Total OPEC fell from 20.710mbpd to 18.983mbpd, a decrease of 1.727mbpd; Total Non-OPEC Doc decreased from 14.219mbpd to 14.207mbpd, a decrease of 12,000b/d and Total Doc was from 34.929mbpd to 33.190mbpd, a decrease of 1.738mbpd. OPEC said: “Nigeria’s economic outlook has strengthened, with real GDP growth estimated at 4.1 per cent in 2025 and healthy growth projected in 2026.
This reflects an improved macroeconomic environment and a rebound in private consumption following a contraction in 2024. “While base effects supported strong consumption growth in 2025, a more moderate expansion is expected in 2026, as cost-of-living pressures ease.
