Nigeria is now one of the OPEC nations with higher production throughout the month thanks to the increase, which represents a 2.3% month-over-month (MoM) growth.
Nigeria’s August output was its highest monthly production level in the data available for 2026, according to OPEC’s most recent monthly statistics, which is based on direct contact from member nations.

The August result also showed a steady growth in upstream output, surpassing Nigeria’s average production of 1.552 million bpd in the second quarter of 2026. The development coincides with ongoing efforts by the Federal Government and oil producers to increase production through new projects, upstream investments, enhanced security, and asset repair.

Crude oil production in OPEC rose from 23.735 million bpd in July to 24.081 million bpd in August, a 346,000 bpd gain.

Among OPEC countries, Iraq saw the biggest gain, with output rising by 664,000 barrels per day to 3.378 million barrels per day. The United Arab Emirates added 54,000 bpd to reach 3.835 million bpd, while Kuwait increased by 49,000 bpd to 1.894 million bpd. Additionally, production in Venezuela rose by 23,000 barrels per day to 1.145 million barrels per day.

Nonetheless, reductions were noted by a few significant producers. Algeria and Libya saw declines of 8,000 and 9,000 bpd to 999,000 bpd and 1.355 million bpd, respectively, while Saudi Arabia’s output decreased by 75,000 bpd to 7.276 million bpd.

Iran’s production fell by 399,000 barrels per day to 2.086 million barrels per day, the biggest decrease.
In August, total output by the larger OPEC+ group—which includes both OPEC members and cooperating non-OPEC producers under the Declaration of Cooperation (DoC)—rose by 297,000 barrels per day to 38.055 million barrels per day.

Russia reduced output by 160,000 bpd to 8.718 million bpd, while Kazakhstan boosted production by 159,000 bpd to 1.807 million bpd inside the non-OPEC DoC group.

Given the ongoing significance of crude oil exports to Nigeria’s economy, the most recent production boost may help the country’s foreign exchange profits and government revenue. Nigeria has set a goal to raise crude oil production to three million barrels per day by 2030, and reaching this goal will require steady increases.

The nation still has to deal with a number of serious issues, such as deteriorating fields, limited infrastructure, theft of crude oil, financial difficulties, and the need to draw in fresh capital for the upstream industry.

Therefore, the August performance shows improvement, but if Nigeria is to close the gap between current production and its lofty 2030 target, it would be essential to maintain the rising trend.