Nigeria’s daily crude oil production witnessed a notable increase in November 2024, according to the Organization of the Petroleum Exporting Countries (OPEC). The December 2024 Monthly Oil Market Report (MOMR) revealed that the country’s output, including condensates, rose by 152,000 barrels per day (bpd), marking an 11% increase from 1.333 million bpd in October to 1.486 million bpd in November 2024.
This growth reflects a substantial increase of about 1 million barrels in total production between October and November.
However, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates a slight decline in daily average oil output in December 2024, dropping by 1.35% to 1.667 million bpd from the 1.690 million bpd recorded in November.
Monthly Oil Production Trends in 2024
NUPRC data highlights the following daily production averages throughout the year, including condensates:
- January: 1.64 million bpd
- February: 1.53 million bpd
- March: 1.44 million bpd
- April: 1.45 million bpd
- May: 1.47 million bpd
- June: 1.50 million bpd
- July: 1.53 million bpd
- August: 1.57 million bpd
- September: 1.54 million bpd
- October: 1.54 million bpd
- November: 1.69 million bpd
- December: 1.67 million bpd
Falling Short of Targets
Despite the improvement in November, Nigeria’s production without condensates stood at 1.484 million bpd, falling short of OPEC’s 1.5 million bpd production quota. Furthermore, the December 2024 average indicates that Nigeria was unable to achieve the 1.7 million bpd benchmark set for the 2024 budget throughout the year.
Industry Concerns
The fluctuations in production highlight the challenges Nigeria faces in meeting both domestic and international production targets. Analysts emphasize the need for enhanced production strategies to stabilize output and meet economic projections.
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