Domestic refiners in Nigeria left an estimated $3.13bn worth of crude oil unlifted in the first quarter of 2026, highlighting deepening inefficiencies in the countryβs crude supply framework.
Analysis of data released by the Nigerian Upstream Petroleum Regulatory Commission by our correspondent on Wednesday showed that while crude producers made significant volumes available under the Domestic Crude Supply Obligation, refiners were unable to take delivery of a large portion due to persistent commercial and structural challenges.
The latest data showed a significant mismatch between crude availability and actual refinery offtake, despite regulatory efforts to deepen domestic refining. The figures indicate that producers collectively made available 68.7 million barrels of crude between January and March, far above allocated requirements, yet refiners struggled to convert the offers into actual deliveries.
This translates to a weak conversion rate of about 36β46 per cent, underscoring persistent structural and commercial bottlenecks in the domestic crude supply chain. Findings showed that the total gap between crude offered and actual refinery offtake stood at 40.3 million barrels in the three-month period, with the shortfall valued at about $3.13bn using conservative average prices.
Figures released by the commission indicated that while 61.9 million barrels were allocated to domestic refiners during the period, oil producers collectively offered 68.7 million barrels.