Nigeria’s daily crude oil production, including condensates, increased by 152,000 barrels per day in November 2024, according to the latest Monthly Oil Market Report (MOMR) from the Organisation of the Petroleum Exporting Countries (OPEC).
The report revealed an 11% increase in production, rising from 1.333 million barrels per day (mbpd) in October to 1.486 mbpd in November. This marked a notable boost, with an additional one million barrels produced during the month.
However, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) highlighted a 1.35% drop in December’s daily production, which fell to 1.667 mbpd from November’s peak of 1.690 mbpd. This figure remained below Nigeria’s OPEC quota of 1.7 mbpd and the 2024 budget benchmark.
Monthly average production data for 2024 indicates fluctuations, with January at 1.64 mbpd, February at 1.53 mbpd, March at 1.44 mbpd, and April at 1.45 mbpd. Output slightly improved mid-year, reaching 1.53 mbpd in July and peaking at 1.69 mbpd in November before declining in December.
The latest figures underscore the country’s ongoing challenges in meeting its production targets, crucial for maximizing oil revenue and supporting economic growth.
