Nigeria Records Crude Oil Production Growth – OPEC Report
According to the latest monthly oil market report by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s daily average oil production increased by 152,000 barrels per day in November 2024. The report indicates that total production, including condensates, rose by 11 percent, from 1.333 million barrels in October to 1.486 million barrels in November.
This increase amounts to approximately one million barrels between October and November of last year. However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a decline in daily average oil output in December 2024, which fell by 1.35 percent to 1.667 million barrels per day from 1.690 million barrels per day recorded in November.
The NUPRC data also revealed that the peak daily oil production in December was 1.79 million barrels, while the lowest production was 1.57 million barrels. Cumulatively, oil output in December 2024 totaled 51.69 million barrels, reflecting a marginal increase of 1.9 percent compared to 50.71 million barrels produced in November.
Further analysis of the data indicated that the highest oil output in December 2024 occurred at Forcados Terminal, with 8.49 million barrels, followed by Bonny Terminal at 7.78 million barrels, and Qua Iboe at 4.15 million barrels. Notably, without including condensates, daily oil production was 1.484 million barrels, which indicates that Nigeria once again failed to meet its OPEC production quota of 1.5 million barrels per day.
Additionally, the average daily oil output for December 2024 shows that Nigeria did not meet the 1.7 million barrels per day benchmark set for its 2024 budget throughout the year.
NUPRC data on daily average production for 2024 is as follows:
- January: 1.64 million barrels per day
- February: 1.53 million barrels per day
- March: 1.44 million barrels per day
- April: 1.45 million barrels per day
- May: 1.47 million barrels per day
- June: 1.50 million barrels per day
- July: 1.53 million barrels per day
- August: 1.57 million barrels per day
- September: 1.54 million barrels per day
- October: 1.54 million barrels per day
- November: 1.69 million barrels per day
- December: 1.67 million barrels per day