Oil production hits 1.7mbpd – FG

The Federal Government has announced that Nigeria’s oil production, including condensates, increased by 9.9% in November 2024, reaching 1.69 million barrels per day (bpd), up from 1.538 million bpd in October.

According to Punch Online, Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveals that crude oil production rose by 11.42%, hitting 1.48 million bpd in November compared to 1.33 million bpd in October.

However, this figure remains below the production quota set for Nigeria by the Organisation of Petroleum Exporting Countries (OPEC).

Meanwhile, condensate oil production, which is not subject to OPEC quotas, recorded a marginal decline of 0.01% in November, dropping slightly to 204,828 bpd from 204,806 bpd in October.

Despite these gains, total oil production is still short of the 2024 budget benchmark of 1.78 million bpd. This shortfall persists despite claims by the Nigerian National Petroleum Company Limited (NNPC) that production has risen to 1.8 million bpd.

The report highlights the challenges Nigeria faces in meeting its production targets despite efforts to improve output in the upstream sector.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated that OPEC’s decision to extend Nigeria’s production quota to 1.5 million bpd aligns with the country’s target, complementing the 2025 benchmark of 2.06 million bpd set in the draft appropriation bill.

Additionally, on November 26, the Port Harcourt refinery, with a processing capacity of 60,000 bpd, resumed crude oil processing operations.

According to OPEC’s latest report, Nigeria remains Africa’s largest oil producer. The report notes that Nigeria’s crude oil output increased from 1.33 million bpd in October to 1.48 million bpd in November, surpassing Algeria’s 908,000 bpd and Congo’s 268,000 bpd.

OPEC’s data shows that total crude oil production among OPEC-12 members averaged 26.66 million bpd in November, a 104,000 bpd month-on-month increase, driven by higher outputs in Libya, Iran, and Nigeria.

Non-OPEC members also recorded increased production, notably in Kazakhstan and Malaysia.

The NUPRC reiterated that Nigeria’s total crude oil production, including condensates, rose to 1.69 million bpd in November from 1.53 million bpd in October, reflecting steady improvements in output.