- The Organisation of the Petroleum Exporting Countries says Nigeria’s daily average oil production rose to 1.486 million barrels per day in November 2024
- Similarly, the Nigerian Upstream Petroleum Regulatory Commission released its latest oil production data
- The data shows that daily average oil output rose to 1.667 million bpd in December 2024
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s daily average oil production increased by 152,000 barrels per day (bpd) to 1.486 million bpd in November 2024.
Data from the newly released Monthly Oil Market Report of OPEC shows that Nigeria’s oil production, including condensates, increased by 11 per cent, from 1.333 million barrels in October to 1.486 million in November 2024.
The report noted that the daily increase reached 152,000 bpd, and about one million barrels increase was recorded between October and November last year.
NUPRC’s monthly oil production data
Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released its latest oil production data, which indicated that daily average oil output in December 2024 increased to 1.667 million bpd.
The data shows a month-on-month decline of 1.35 per cent from 1.690 million bpd recorded in November 2024 to 1.667 million bpd in December 2024.
According to the commission’s data, daily peak oil production in December 2024 was 1.79 million bpd, while the lowest daily production was 1.57 million bpd.
It read, “Lowest and peak production in December were 1.57 million bpd and 1.79 million bpd, respectively. The daily average production in December was 1,667,560 barrels per day, comprising both crude oil (1,484,585 bpd) and condensate (182,975 bpd).”
NUPRC’s data revealed that the cumulative oil output in December 2024 was 51.69 million barrels, a 1.9 per cent increase compared to 50.71 million barrels produced in November 2024.
The data further shows that the highest oil output in December 2024 was recorded at Forcados Terminal at 8.49 million barrels followed by Bonny Terminal, 7.78 million barrels and Qua Iboe, 4.15 million barrels.
According to the data, daily oil production was 1.484 million (excluding condensate, which OPEC does not compute), which is 16 million bpd less than the 1.5 million bpd oil production quota allotted to Nigeria by OPEC.
The December 2024 average daily oil output shows that Nigeria also failed to meet the 1.7 million bpd oil production benchmark set for the year as contained in the 2024 budget.
Monthly analysis of oil production in 2024
A monthly analysis of the daily average production showed that oil production, including condensate, in January 2024 was 1.64 million bpd.
It decreased slightly to 1.53 million bpd in February and further decreased to 1.44 million bpd in March. In April, oil production stood at 1.45 million bpd and marginally increased to 1.47 million bpd in May.
In June, the oil production output was 1.50 million bpd. It increased to 1.53 million bpd in July and further increased in August to 1.57 million bpd.
September saw a decline to 1.54 million bpd, a figure that was maintained in October. In November, oil production stood at 1.69 million bpd, while 1.667 million bpd was recorded in December 2024, capping the oil production data recorded in the year.
OPEC extends Nigeria’s 1.5 million bpd oil production quota to 2026
Meanwhile, TheRadar earlier 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.
