The Federal Government has announced that Nigeria’s oil production, including condensates, rose by 9.9 percent to 1.69 million barrels per day (mbpd) in November 2024, up from 1.538 mbpd in October.
According to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), liquid crude oil production increased by 11.42 percent, reaching 1.48 mbpd in November, compared to 1.33 mbpd the previous month.
However, this still falls short of Nigeria’s allocated production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Meanwhile, condensate oil production, which is not subject to OPEC quotas, saw a slight decline of 0.01 percent, dropping to 204,828 barrels per day in November from 204,806 barrels per day in October.
Despite these gains, Nigeria’s oil production continues to fall short of the 2024 budget target of 1.78 mbpd, a gap that persists despite claims from the Nigerian National Petroleum Company Limited (NNPCL) that production has reached 1.8 mbpd.
The data highlights the ongoing difficulties in achieving national production targets while reflecting recent efforts to enhance output in the upstream sector.
Commenting on the OPEC quota, Minister of State for Petroleum Resources, Heineken Lokpobiri, noted that the extension of Nigeria’s production quota to 1.5 mbpd aligns with the country’s output target. Lokpobiri also highlighted that the quota supports Nigeria’s 2025 oil output goal of 2.06 mbpd.
“For Nigeria, these resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill,” he said.
On November 26, the Port Harcourt refinery, with a capacity of 60,000 barrels per day, officially commenced crude oil processing.
Meanwhile, the Organisation of the Petroleum Exporting Countries says Nigeria has retained its position as the largest oil producer in Africa.
In its latest monthly report on Wednesday, OPEC revealed that Nigeria’s oil output rose to 1.48 million barrels per day (bpd) in November, up from 1.33 million bpd the previous month.
The oil alliance highlighted that this production figure was the highest in Africa for October, with Nigeria maintaining its position as the continent’s top producer in November.
According to OPEC, Nigeria surpassed Algeria, which produced 908,000 bpd, and Congo, which had an output of 268,000 bpd.
OPEC emphasized that its data was based on direct communication, noting that secondary sources reported Nigeria’s crude production increased slightly to 1.417 million bpd in November, up from 1.4 million bpd in October.
“According to secondary sources, total OPEC-12 crude oil production averaged 26.66 mb/d in November 2024, which is 104 tb/d higher, m-o-m,” OPEC said.
“Crude oil output increased mainly in Libya, IR Iran and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia.”
On Wednesday, the Nigerian Upstream Petroleum Regulatory Commission announced that Nigeria’s crude oil production rose to 1.69 million bpd in November, up from 1.53 million bpd in October.
