The Nigerian Government has announced a 9.9% increase in Nigeria’s oil production, including condensates, for November 2024, reaching 1.69 million barrels per day (mbpd), up from 1.538 mbpd in October 2024.
This growth, reported by the Nigerian Upstream Petroleum Regulatory Commission, indicates an improvement in the country’s oil output.
Liquid crude oil production saw a significant rise of 11.42%, reaching 1.48 mbpd in November, up from 1.33 mbpd the previous month. Despite the improvement, this production figure still falls short of Nigeria’s allocated quota by the Organisation of Petroleum Exporting Countries (OPEC).
Condensate oil production, which is exempt from OPEC’s production quotas, experienced a slight decline of 0.01%, dropping to 204,828 barrels per day in November, compared to 204,806 barrels per day in October.
While oil production showed improvement, it continues to fall short of Nigeria’s 2024 budget target of 1.78 mbpd. The Nigerian National Petroleum Company Limited (NNPCL) had previously claimed that production had reached 1.8 mbpd, but the official figures remain below this benchmark.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, addressed Nigeria’s OPEC quota, noting that the country’s allocation of 1.5 million barrels per day aligns with its target. He further emphasized that this quota supports Nigeria’s 2025 production goal of 2.06 million barrels per day, including condensates, as outlined in the draft 2025 Appropriation Bill.
The Port Harcourt refinery, with a capacity of 60,000 barrels per day, officially commenced crude oil processing on November 26, marking a significant step toward boosting domestic refining capacity.
In a related development, OPEC confirmed that Nigeria remained the largest oil producer in Africa. According to its latest monthly report, Nigeria’s oil output increased in November to 1.48 mbpd, surpassing Algeria’s production of 908,000 barrels per day and Congo’s 268,000 barrels per day. Nigeria’s output was the highest on the continent for the month, maintaining its position as Africa’s top oil producer.
OPEC’s data, based on direct communication, also reported that Nigeria’s crude production rose to 1.417 million bpd, up from 1.4 million bpd in October. Despite the increase, Nigeria’s production remains below its OPEC target, as the country continues efforts to stabilize output amid ongoing challenges in the upstream sector.
