Nigeria Records 11 Percent Increase in Oil Production, Reports OPEC

……by Ben Ndubuwa…….

Nigeria’s crude oil production, including condensates, rose by 11% in November 2024, according to the Organization of the Petroleum Exporting Countries (OPEC). The monthly oil market report revealed an increase from 1.333 million barrels per day in October to 1.486 million barrels per day in November, marking a daily rise of 152,000 barrels.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the increase but noted a slight decline in December 2024. “Daily average oil production dropped by 1.35% from 1.690 million barrels in November to 1.667 million barrels in December,” the NUPRC reported.

Despite the December dip, cumulative oil output for the month reached 51.69 million barrels, a 1.9% increase from November’s 50.71 million barrels. The Forcados Terminal led production with 8.49 million barrels, followed by Bonny Terminal at 7.78 million barrels and Qua Iboe at 4.15 million barrels.

However, the data showed that Nigeria fell short of its OPEC quota of 1.5 million barrels per day and the 2024 budget benchmark of 1.7 million barrels. “This persistent shortfall poses a challenge to the nation’s revenue projections,” an industry expert remarked.

Production trends throughout 2024 fluctuated, with January recording 1.64 million barrels per day, peaking in November, and tapering off in December.

Analysts warn that achieving production stability remains critical for Nigeria’s economic recovery.