The Federal Government has announced a significant increase in Nigeria’s oil production, including condensates, which rose by 9.9% in November 2024. Output reached 1.69 million barrels per day (bpd), up from 1.538 million bpd recorded in October.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as reported by Punch Online, reveals that crude oil production experienced an 11.42% jump, hitting 1.48 million bpd in November compared to 1.33 million bpd in October. Conversely, condensate oil production, exempt from OPEC quotas, saw a marginal decrease of 0.01%, slipping slightly to 204,828 bpd from 204,806 bpd.
Despite these gains, Nigeria’s total oil production remains below the 2024 budget benchmark of 1.78 million bpd. This is in contrast to claims by the Nigerian National Petroleum Company Limited (NNPC) that production has reached 1.8 million bpd.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, highlighted that OPEC’s extension of Nigeria’s production quota to 1.5 million bpd aligns with the country’s medium-term targets. The 2025 benchmark has been set at 2.06 million bpd in the draft appropriation bill.
In a boost to the sector, the Port Harcourt refinery resumed crude oil processing on November 26, with a capacity to process 60,000 bpd.
According to OPEC’s latest report, Nigeria continues to lead as Africa’s largest oil producer, with crude oil output rising from 1.33 million bpd in October to 1.48 million bpd in November. This places Nigeria ahead of Algeria’s 908,000 bpd and Congo’s 268,000 bpd.
OPEC data shows that total crude oil production among OPEC-12 members reached an average of 26.66 million bpd in November, reflecting a 104,000 bpd increase month-on-month. Libya, Iran, and Nigeria were the main contributors to this growth. Non-OPEC members, including Kazakhstan and Malaysia, also reported higher outputs.
The NUPRC reiterated that Nigeria’s steady improvements in crude oil production, including condensates, reflect efforts to address operational challenges and boost output in the upstream sector.
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