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Nigeria's Oil Output Reaches 1.6M Barrels/Day in April, Up 20-30M bpd Expected by Year-End

GateNews

2026-05-20 09:54:20

According to Jin10, Nigeria's oil production reached 1.6 million barrels per day in April, marking the largest monthly gain in three years. Dozens of smaller oil producers are capitalizing on supply disruptions caused by Iran-related tensions and the closure of the Strait of Hormuz to boost output. These companies, most producing fewer than 50,000 barrels per day, are channeling windfall gains from elevated crude prices into short-term extraction projects. A former ExxonMobil Nigeria manager stated these smaller producers could increase output by 20 to 30 million barrels per day by year-end, supporting Nigeria's plan to double production within four years.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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