Nigeria’s daily average oil production increased by 152,000 barrels per day in November 2024, according to the latest monthly oil market report by the Organization of the Petroleum Exporting Countries (OPEC)
The report indicated that the country’s oil production, including condensates, rose by 11% from 1.333 million barrels per day (mbpd) in October to 1.486 mbpd in November 2024. This represents a daily increase of 152,000 barrels, with a total increase of approximately one million barrels between October and November.
However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that in December 2024, Nigeria’s daily average oil production declined by 1.35% to 1.667 mbpd, down from 1.690 mbpd in November 2024. According to NUPRC data, the peak daily production in December was 1.79 mbpd, while the lowest production recorded was 1.57 mbpd. The cumulative output for December 2024 was 51.69 million barrels, reflecting a slight increase of 1.9% compared to the 50.71 million barrels produced in November 2024.
The highest oil output in December came from the Forcados Terminal, which produced 8.49 million barrels, followed by Bonny Terminal with 7.78 million barrels, and Qua Iboe with 4.15 million barrels. Excluding condensates, Nigeria’s daily oil production was 1.484 million barrels. Despite this, the country again fell short of meeting its OPEC oil production quota of 1.5 mbpd. Additionally, the daily output in December also missed the 1.7 mbpd target set for the 2024 national budget.
NUPRC’s data on daily average production for the first 12 months of 2024 showed the following figures: January (1.64 mbpd), February (1.53 mbpd), March (1.44 mbpd), April (1.45 mbpd), May (1.47 mbpd), June (1.50 mbpd), July (1.53 mbpd), August (1.57 mbpd), September (1.54 mbpd), October (1.54 mbpd), November (1.69 mbpd), and December (1.67 mbpd).
