Nigeria’s daily oil production saw a significant increase in November 2024, according to a report by the Organization of the Petroleum Exporting Countries.
The country’s production, including condensates, rose by 11% from 1.333 million barrels per day in October to 1.486 million barrels per day in November.
The increase, amounting to 152,000 barrels per day, reflects nearly one million barrels of additional oil produced within the month. The data was revealed in OPEC’s December 2024 Monthly Oil Market Report (MOMR).
However, despite the increase in November, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed a slight decline in production in December 2024.
The daily average output dropped by 1.35%, from 1.690 million barrels per day in November to 1.667 million barrels per day in December.
NUPRC data revealed that in December 2024, the peak daily production reached 1.79 million barrels, while the lowest was 1.57 million barrels.
A total of 51.69 million barrels were produced in December, representing a 1.9% increase compared to 50.71 million barrels in November. Forcados Terminal recorded the highest output in December, producing 8.49 million barrels, followed by Bonny Terminal with 7.78 million barrels, and Qua Iboe Terminal with 4.15 million barrels.
Despite the November increase, Nigeria struggled to meet its oil production targets in 2024. The country missed its OPEC production quota of 1.5 million barrels per day and failed to meet the 1.7 million barrels per day benchmark set in the 2024 national budget.
Average daily oil production, including condensates, throughout the year revealed fluctuating numbers in January, February, and March at 1.64 million, 1.53 million, and 1.44 million barrels per day respectively. The numbers peaked in November at 1.69 million barrels per day before dropping slightly in December to 1.67 million barrels per day.
Energy analysts have noted that while the November rise in production is commendable, consistent efforts are required to maintain and surpass these levels to meet budgetary and OPEC expectations.
