Oil Production Hits 1.7mbpd, Federal Government Reports
Nigeria’s crude oil production, including condensates, rose by 9.9% to 1.69 million barrels per day (mbpd) in November 2024, compared to 1.538mbpd in October, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The data revealed that liquid crude oil output increased significantly by 11.42%, reaching 1.48mbpd in November from 1.33mbpd in the previous month. However, condensate oil production, which is not subject to the Organisation of Petroleum Exporting Countries (OPEC) quotas, recorded a marginal decline of 0.01%, dropping to 204,828 barrels per day from 204,806 bpd in October.
Despite this upward trend, the production figures still fall short of both the OPEC quota allocated to Nigeria and the 2024 federal budget benchmark of 1.78mbpd. This discrepancy persists despite assertions by the Nigerian National Petroleum Company Limited that production has climbed to 1.8mbpd.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, expressed optimism about Nigeria’s trajectory, noting that OPEC’s decision to extend the country’s production quota to 1.5mbpd aligns with national goals. He added that the target complements Nigeria’s 2025 oil output benchmark of 2.06mbpd, as outlined in the draft 2025 Appropriation Bill.
In a related development, the Port Harcourt refinery, with a processing capacity of 60,000 bpd, officially resumed crude oil refining operations on November 26, marking a step toward improving the country’s refining capacity.
Meanwhile, OPEC’s latest monthly report reaffirmed Nigeria’s position as Africa’s largest oil producer. The report showed that Nigeria’s crude oil output increased to 1.48mbpd in November, surpassing Algeria’s 908,000 bpd and Congo’s 268,000 bpd.
The oil cartel highlighted that total OPEC-12 crude oil production averaged 26.66mbpd in November, reflecting a month-on-month increase of 104,000 barrels per day. Nigeria’s rise contributed to this growth, alongside output increases in Libya and Iran, while production in Iraq, Venezuela, and Kuwait declined.
The NUPRC reaffirmed these gains, noting the country’s November crude oil output of 1.69mbpd, as the Federal Government continues to pursue initiatives to meet and exceed production targets in the coming years.
