Oil Revenue: Low production undermines benefits of high crude oil prices

By Obas Esiedesa
Nigeria lost an estimated $839.22 million in oil revenue in the first four months of 2026 after failing to meet its 1.5 million barrels per day (mbpd) crude oil production quota set by the Organisation of Petroleum Exporting Countries (OPEC), findings by  Financial Vanguard  have shown.
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However, the country recorded a success last month with a total oil production, comprising crude oil and condensates, increasing by 2.2 per cent to 1.70 million barrels per day (bpd), while crude oil output exceeded the country’s OPEC production quota for the first time in nearly one year.
Data r...