Nigeria’s daily average oil production increased by 152,000 barrels per day (b/d) in November 2024, according to the latest Monthly Oil Market Report (MOMR) from the Organization of the Petroleum Exporting Countries (OPEC).
The report indicated that the country’s oil production, including condensates, rose by 11% from 1.333 million barrels per day in October to 1.486 million barrels per day in November 2024. This translates to a daily increase of 152,000 b/d and an overall increase of approximately one million barrels between October and November.
However, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed a slight decline in December 2024, with daily average oil output dropping by 1.35% from 1.690 million b/d in November to 1.667 million b/d in December. Peak production in December reached 1.79 million b/d, while the lowest daily output was 1.57 million b/d.
Cumulatively, Nigeria produced 51.69 million barrels of oil in December 2024, a marginal 1.9% increase compared to 50.71 million barrels in November. The highest production in December was recorded at Forcados Terminal with 8.49 million barrels, followed by Bonny Terminal at 7.78 million barrels and Qua Iboe Terminal at 4.15 million barrels.
Excluding condensates, daily oil production stood at 1.484 million b/d in December, indicating that Nigeria again fell short of its OPEC production quota of 1.5 million b/d. Additionally, the average daily production for December fell below the 1.7 million b/d benchmark set for the 2024 national budget, a target that was not met throughout the year.
NUPRC data revealed fluctuating daily average oil production throughout 2024:
- January: 1.64 million b/d
- February: 1.53 million b/d
- March: 1.44 million b/d
- April: 1.45 million b/d
- May: 1.47 million b/d
- June: 1.50 million b/d
- July: 1.53 million b/d
- August: 1.57 million b/d
- September: 1.54 million b/d
- October: 1.54 million b/d
- November: 1.69 million b/d
- December: 1.67 million b/d