The figures indicated that Nigeria underproduced its budget target by an average of 213,815 bpd during the six-month period, representing a shortfall of 11.6 per cent, despite slightly exceeding its 1.5 million bpd crude oil production quota approved by OPEC. Based on the 2026 budget oil benchmark of $64.85 per barrel, the shortfall represents an estimated gross revenue opportunity of about $2.49 billion. However, although production remained below the fiscal target, the NUPRC data indicated that Nigeria’s upstream sector maintained a steady recovery throughout the review period. Total liquids production stood at 1.627 million bpd in January before declining to 1.484 million bpd in February, the weakest monthly performance recorded this year. Output recovered to 1.546 million bpd in March, rose to 1.663 million bpd in April, climbed further to 1.701 million bpd in May and reached 1.735 million bpd in June.