OPEC Report: Nigeria Records Significant Boost in Oil Production

• Nigeria’s Daily Output Has Surged According to OPEC
• OPEC Says it Increased by 152,000 Barrels Daily
• Marking A Noticeable Improvement in Nigeria’s Oil Production 

Nigeria’s daily oil production saw a significant boost in November 2024, increasing by 152,000 barrels per day, according to the latest monthly oil market report released by the Organisation of the Petroleum Exporting Countries (OPEC).

This marked a noticeable improvement in the country’s oil production performance.

The report indicated that the country’s total oil production, including condensates, rose by 11%, moving from an average of 1.333 million barrels per day in October 2024 to 1.486 million barrels per day in November 2024.

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This translates to an increase of about one million barrels in total production between the two months. Such a rise demonstrates a positive shift in Nigeria’s oil output during that period.

However, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) painted a slightly different picture for December 2024.

It revealed that Nigeria’s average daily oil production dropped by 1.35% in December, falling from 1.69 million barrels per day in November to 1.67 million barrels per day.

When condensates were excluded, the daily oil production in December stood at 1.484 million barrels. This means the country fell short of the 1.5 million barrels per day quota allocated to it by OPEC.

Furthermore, Nigeria also missed the 1.7 million barrels per day target that had been set in its 2024 national budget. This indicates that despite some progress, the country struggled to consistently meet its production targets throughout the year.

The NUPRC provided a breakdown of Nigeria’s average daily oil production for each month of 2024 as follows:

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January: 1.64 million barrels

February: 1.53 million barrels

March: 1.44 million barrels

April: 1.45 million barrels

May: 1.47 million barrels

June: 1.50 million barrels

July: 1.53 million barrels

August: 1.57 million barrels

September: 1.54 million barrels

October: 1.54 million barrels

November: 1.69 million barrels

December: 1.67 million barrels

This data highlights that while there were periods of improvement, Nigeria’s oil production remained inconsistent, often falling below set targets.

Despite the gains recorded in November, the country’s inability to consistently meet its OPEC quota and budget benchmark underscores the challenges in its oil production sector.

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