SAT APRIL 25 2026-theGBJournal| Nigeria’s crude oil production staged a timely recovery in March, offering the country a crucial fiscal and external buffer just as global oil markets grow increasingly sensitive to geopolitical risk.
According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), crude output (including condensates) rose 4.2% month-on-month to 1.55mb/d in March, reversing February’s decline of 1.48mb/d and marking a welcome return to production stability.
The outturn is primarily attributed to the rebound in production from the Bonga terminal (2.85 mb/d vs February: 0.06mb/d) following the routine maintenance in the previous month.
Notably, the gains across the Agbami (+18.0% m/m), Qua Iboe (+18.0%m/m), Escravos (+16.7% m/m), Tulja-okwuibome (+13.0% m/m), Brass (+10.8% m/m), Odudu (+9.2% m/m) and Bonny (+9.0% m/m) terminals offset the declines in the Forcados (-24.1% m/m) terminal.
The rebound comes at a strategically important moment for Nigeria. With global crude prices finding support from renewed tensions in the Middle East and persistent supply uncertainty, stronger domestic output positions Nigeria to better capture the upside from firmer oil prices.
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