Market News
Nigeria hits 99.2% OPEC quota, rakes in N278bn oil profit in March -
By Bassey Willie, Port Harcourt
Nigeria recorded a major boost in crude oil production in April 2026, achieving 99.2 per cent of its 1.5 million barrels per day production quota approved by the Organisation of Petroleum Exporting Countries (OPEC) due to intense surveillance of the Trans Niger Pipelines and Eastern Gas Network facilities.
Reacting to the development, Pipeline Infrastructure Nigeria Limited (PINL), during its monthly stakeholders’ meeting with representatives from Imo, Abia and Rivers states in Port Harcourt, said the latest production figures released by the Nigeria Upstream Petroleum Regulatory Commission showed that the country’s crude oil output rose by 7.58 per cent compared to March 2026 levels.
They said according to the commission, peak crude oil production in April reached 1.85 million barrels per day, while the lowest production figure for the month stood at 1.46 million barrels per day.
Also, the Nigerian National Petroleum Company Limited (NNPCL) had reported improved performance in the oil and gas sector, posting about N276 billion profit after tax in March 2026 amid rising production and gas output.
The General Manager, Community and Stakeholders Relations of PINL, Dr. Akpos Mezeh, while speaking during the meeting, attributed the improved output to enhanced protection of oil and gas assets and stronger collaboration among stakeholders in host communities.
Dr. Mezeh, said the production increase reflected the impact of stability and cooperation along pipeline corridors.
“These figures are not ordinary statistics. They are direct evidence that stability, cooperation, and effective protection of pipeline infrastructure produce measurable economic benefits for our nation and our people,” Mezeh stated.
In his reaction, the HRM, Eze Seargent Awuse, Paramount Ruler of Emohua Kingdom in Rivers State, expressed satisfaction with the operations of the company, acknowledging the company’s effort in helping the country’s revenue base.
He said: “I’m satisfied with what PINL is doing to help this country..Last sitting you rolled out scholarships for our youths and today you have rolled out women empowerment.
Also Speaking, King of Eleme Kingdom, HRM, Dr. Philip Obele acknowledged the company for restoring sanity in the oil sector and making Nigeria profit from oil production.
