Bayo Ojulari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited, has said Nigeria could increase crude oil production by about 100,000 barrels per day (bpd) in the coming months.
Ojulari made this known in an interview with Reuters on Monday, on the sidelines of the CERAWeek by S&P Global held in Houston, United States.
According to him, the country is strengthening its production capacity to meet this target, noting that “we are not like Saudi (Arabia) but we can contribute”.
Speaking further during an onstage session at the conference, Ojulari said the NNPC undertook a comprehensive review of its business portfolio last year and has begun implementing reforms in 2026.
He explained that a major priority is improving project execution to ensure timely delivery and cost efficiency, addressing delays that have affected operations in the past.
Data from the Organisation of Petroleum Exporting Countries shows that Nigeria’s crude oil output dropped to 1.31 million bpd in February.
The production decline coincided with a period of high global prices, with crude oil surpassing $100 per barrel on March 9, limiting potential revenue gains.
However, prices fell on Monday to $96 per barrel after Donald Trump said the United States would delay planned military strikes on Iranian power plants and energy infrastructure for five days.