Nigeria’s crude oil production experienced a setback in July, falling by 37,000 barrels per day (bpd) to 1.546 million bpd, according to the OPEC Monthly Oil Market Report. This represents a 2.3 percent month-on-month decrease, interrupting the recovery trend observed in the second quarter of 2026. Despite this decline, output remains above the 2025 average and the country’s near-term outlook remains positive. However, production currently sits below the Federal Government’s target of 1.8 million bpd, which is essential for boosting export earnings and revenue.