Nigeria’s oil production, including condensates, saw a decline in September 2024, falling to 1.544 million barrels per day (bpd), a decrease from 1.570 million bpd in August. This represents a 1.7% drop in production month-on-month, according to the latest report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), published in its October 2024 Crude Oil and Condensate Production report.
The decline in production highlights ongoing challenges in the Nigerian oil sector, which has faced various operational issues, including infrastructural deficits and security concerns. As the country continues to navigate these hurdles, stakeholders are urged to adopt strategies that could stabilize and boost production levels in the coming months.
The report underscores the need for renewed efforts to enhance efficiency and mitigate factors contributing to the decline. As Nigeria seeks to maximize its oil production capacity, the focus will be on addressing the underlying challenges while ensuring compliance with regulatory frameworks.
Industry experts anticipate that without significant interventions, production levels may continue to fluctuate, impacting both the economy and the global oil market. The NUPRC’s report serves as a crucial reminder of the dynamic nature of oil production in Nigeria and the importance of strategic planning to sustain growth in the sector.
