- Nigeria has retained its position as Africa’s largest oil producer
- The Organisation of the Petroleum Exporting Countries says Nigeria’s oil output stood at 1.5 million bpd in November
- The Nigerian Upstream Petroleum Regulatory Commission previously reported 1.7 million bpd as Nigeria’s oil output in November
Nigeria retains its spot as Africa’s largest oil producer, according to the Organisation of the Petroleum Exporting Countries (OPEC).
OPEC, in its latest Monthly Oil Market Report for November 2024, released on Wednesday, December 11, said Nigeria’s oil output increased in November to 1.48 million barrels per day (bpd), excluding condensate, from 1.33 million bpd recorded in October 2024.
It stated that Nigeria’s production figure was Africa’s largest in the month and represented a 15.3 per cent increase month-on-month.
The report also noted that Nigeria surpassed Algeria, which produced 908,000 bpd, followed by Congo, which had an output of 268,000 bpd for November.
It stated that while crude oil output increased in Libya, Iran, and Nigeria, there was a decrease in Iraq, Venezuela, and Kuwait.
OPEC said, “According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, m-o-m.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia.”
Nigeria’s November oil output is 1.7 million bpd – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), however, stated that the country’s oil output, including condensate, increased by 13.3 per cent year-on-year to 1.7 million bpd in November 2024 from 1.5 million bpd recorded in November 2023.
In its December 2024 Oil Production Output Report, NUPRC said Nigeria’s oil output increased by 10 per cent on a month-on-month basis to 1.7 million bpd in November 2024 from 1.5 million bpd in October 2024.
At the third anniversary of NUPRC, its Chief Executive, Gbenga Komolafe, was optimistic about increased oil production by harnessing the country’s oil and gas assets potentials.
Komolafe said, “We have maintained a healthy reserves-to-production ratio which is key to ensuring the long-term sustainability of Nigeria’s energy resources, with due cognisance to global energy dynamics.
“To this end, we are confident that the ongoing activities of petroleum prospecting license awardees and the licensing rounds will further boost Nigeria’s position and unlock additional opportunities for resource valorisation.
“Our efforts are yielding satisfactory results as evidenced by the level of upstream activities within the past year. The industry has witnessed a notable increase in rig activities, well intervention, and field developments, signalling a positive trend to boost production.
“This uptick reflects both the impact of regulatory reforms driven by the commission and a renewed focus on maximising the potential of our oil and gas assets.”
OPEC extends Nigeria’s 1.5 million bpd oil production quota to 2026
Meanwhile, TheRadar reported that the Organisation of Petroleum Exporting Countries (OPEC) extended Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.
The decision to extend Nigeria’s quote was made at its 38th OPEC and non-OPEC ministerial meeting, held on Thursday, December 5.
